Nigeria Begins Sales of Crude Oil In Naira
The Federal Government has started selling crude oil to local refineries and buying petroleum products using Naira.
This move will help reduce pressure on the Naira, lower extra costs and make fuel more available.
This was disclosed in a statement on X by The Federal Ministry of Information and National Orientation on Saturday, September 14.
The statement reads: “In a landmark move towards reducing pressure on the Naira, eliminating unnecessary transaction costs, and improving availability of petroleum products, the Federal Government has successfully initiated the sale of crude to local refineries as well as corresponding purchase of petroleum products in Naira.
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, disclosed this today in his office in Abuja shortly after the Technical Sub-Committee meeting on the sale of crude oil to local refineries in Naira.
“Represented by the Executive Chairman Federal Inland Revenue Service (FIRS) Dr Zacch Adedeji, the Minister announced the completion of all agreements and modalities for the implementation of the Federal Executive Council (FEC) approval on the sale of crude to local refineries in Naira and corresponding purchase of petroleum products in Naira.
