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Federal Govt Announces Date To Begin Sales of Crude Oil in Naira to Dangote Refinery, Others
The Federal Government of Nigeria has announced plans to begin selling crude oil in naira to Dangote Refinery and other local buyers starting in October. This initiative aims to strengthen the naira and reduce dependence on foreign currency for domestic transactions. The announcement was made in Abuja by Mohammed Manga, Director of Press and Public Relations at the Federal Ministry of Finance and Economic Planning. The decision follows the inaugural meeting of the implementation committee, which is tasked with fast-tracking the process. The meeting was presided over by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy.This move is expected to have significant implications for the Nigerian economy, potentially easing pressure on the naira and promoting economic stability by keeping more transactions within the local currency framework.“The Minister presided over a crucial meeting of the implementation committee on crude oil sales in Naira today.“It is a significant step towards ensuring the speedy realisation of the presidential directive on crude oil sales in naira to enhance Nigeria’s economic growth and development,” he said.He said the committee reviewed progress on key initiatives, including the upcoming commencement of naira payments for crude oil sales to the Dangote Refinery starting from October 1.According to him, key roles were outlined for stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), and the Central Bank of Nigeria (CBN).He said that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the African Export-Import Bank (Afreximbank) were also assigned roles to ensure smooth implementation.“Updates on the Port Harcourt and Dangote Refineries were also provided, with significant production increases expected from November,” he said.
The Federal Government of Nigeria has announced plans to begin selling crude oil in naira to Dangote Refinery and other local buyers starting in October. This initiative aims to strengthen the naira and reduce dependence on foreign currency for domestic transactions.
The announcement was made in Abuja by Mohammed Manga, Director of Press and Public Relations at the Federal Ministry of Finance and Economic Planning. The decision follows the inaugural meeting of the implementation committee, which is tasked with fast-tracking the process. The meeting was presided over by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy.
This move is expected to have significant implications for the Nigerian economy, potentially easing pressure on the naira and promoting economic stability by keeping more transactions within the local currency framework.
“The Minister presided over a crucial meeting of the implementation committee on crude oil sales in Naira today.
“It is a significant step towards ensuring the speedy realisation of the presidential directive on crude oil sales in naira to enhance Nigeria’s economic growth and development,” he said.
He said the committee reviewed progress on key initiatives, including the upcoming commencement of naira payments for crude oil sales to the Dangote Refinery starting from October 1.
According to him, key roles were outlined for stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), and the Central Bank of Nigeria (CBN).
He said that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the African Export-Import Bank (Afreximbank) were also assigned roles to ensure smooth implementation.
“Updates on the Port Harcourt and Dangote Refineries were also provided, with significant production increases expected from November,” he said.
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