The Nigerian government has begun selling crude oil to Dangote Refinery and other local refineries in naira, starting on October 1, 2024. This initiative was confirmed by Finance Minister Wale Edun in a recent post on the social media platform X. The move, approved in July by the Federal Executive Council, ensures the 450,000 barrels allocated for domestic use are sold in naira rather than dollars. By refining locally, the country aims to save billions of dollars that would have been spent on fuel imports, thereby stabilizing the dollar exchange rate. The initiative also aims to stabilize pump prices, potentially resulting in lower and more predictable fuel costs for the country’s citizens.
SOURCE: NAIRAMETRICS
