The Nigerian government has officially begun the sale of crude oil and refined petroleum products in naira, marking a pivotal change in the country’s oil trade practices. This initiative, effective from October 1, follows a directive from the Federal Executive Council (FEC).
Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, announced the initiative in a statement, emphasizing the collaborative effort behind its implementation. A meeting of the Implementation Committee, which Edun chaired, involved key stakeholders, including the Minister of State for Petroleum, special advisers on revenue and energy, and the Chief Executive of the Nigerian Midstream and Downstream.
This move is intended to strengthen the local economy by encouraging the use of the naira for transactions, potentially stabilizing revenues and mitigating the risks associated with foreign currency dependence.
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