The Nigerian government has commenced the sale of crude oil using the Naira currency, starting from October 1, 2024, according to Finance Minister Wale Edun.
This development comes after President Bola Tinubu ordered that crude oil be sold to Dangote and other refiners in Naira, with the goal of lowering petrol prices and alleviating the dollar’s impact.
According to Edun, “Nigeria has officially begun selling crude oil and refined petroleum products in Naira, following the Federal Executive Council’s order.”
The plan aims to boost economic growth, stability, and self-reliance, especially given the uncertainties in the global market.
Edun added, “This strategic decision sets Nigeria up for success in the future.”
The Implementation Committee, led by Edun, reviewed the start of this new initiative and confirmed its successful launch.
