The naira-for-crude initiative, which has already commenced, would mean that crude would now be sold to the Dangote refinery and others in naira.
In return, the Dangote refinery would supply PMS (petrol) and diesel of equivalent value to the domestic market, also in naira.
Pulse NigeriaADVERTISEMENTAccording to Edun, the sale of crude oil in naira, which the Federal Executive Council initially approved in July, officially commenced on October 1, 2024, in line with the Federal Executive Council (FEC) directive.
Edun disclosed that key stakeholders supported the commencement of the strategic initiative following a meeting of the implementation committee chaired by him to conduct a post-commencement review of the Crude Oil and Refined Products Sales in Naira.
The committee chairman and head of FIRS commented on the initiative saying, “Diesel will be sold in naira by the Dangote refinery to any interested off-taker...
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