President Bola Tinubu has mandated the Nigerian National Petroleum Company Limited (NNPC) to sell crude oil to the Dangote Refinery and other emerging refineries in Naira.
Bayo Onanuga, the Special Adviser to the President on Information and Publicity, announced this directive on his official X handle on Monday.
According to Onanuga, this initiative, endorsed by the Federal Executive Council (FEC) today, aims to stabilize the pump price of refined fuel and the dollar-Naira exchange rate.
The FEC has also approved that the 450,000 barrels intended for domestic consumption be offered in Naira to Nigerian refineries, starting with the Dangote Refinery as a pilot project.
“The exchange rate will be fixed for the duration of this transaction,” the statement added.
Afreximbank and other settlement banks in Nigeria will facilitate the trade between Dangote and NNPC Limited. This intervention is expected to eliminate the need for international letters of credit, thereby saving the country from substantial dollar payments.
