Nigeria begins sale of crude oil, refined petroleum products in Naira -

Nigeria has officially commenced the sale of crude oil and refined petroleum products in Naira a statement from the Ministry of Finance on Saturday said the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced implementation of the initiative approved by the Federal Executive Council (FEC) started on October 1, 2024.

Speaking after a post-commencement review meeting, Edun disclosed key stakeholders assured of the commencement of the strategic initiative the review meeting was held to assess the progress of the “Crude oil and refined products sales in Naira” initiative and the consensus reached highlighted the government’s commitment to seeing the plan through.

The sale of crude oil and refined products in Naira has officially begun as directed by the Federal Executive Council this initiative marks a bold step towards economic sustainability and currency stability,” Edun stated Last month, the Technical Sub-Committee on Domestic Sales of Crude Oil in Local Currency revealed that President Bola Ahmed Tinubu had given the green light for crude oil to be sold to local refineries in Naira.

This decision, according to the committee, will also apply to the purchase of petroleum products the government had previously outlined that this initiative would reduce pressure on the Naira, eliminate unnecessary transaction costs, and ensure a steady supply of petroleum products across the country. This innovative approach is expected to improve the country’s macroeconomic indicators, including foreign exchange reserves.