The Federal Government has commenced sales of crude oil in Naira, ditching the US dollar for transactions. This development is expected to boost Nigeria’s economy and reduce dependence on the greenback.
According to the Ministry of Finance, the sales of crude oil and refined petroleum products in Naira commenced on October 1, 2024.
The Minister of Finance, Wale Edun, described the move as a strategic initiative that would have a lasting impact on Nigeria’s economy.
“The commencement of this strategic initiative is a bold step taken by the President Bola Ahmed Tinubu-led Administration to foster growth, stability, and self-sufficiency in Nigeria’s economy,” Edun said.
The move is seen as a significant step towards reducing Nigeria’s dependence on the US dollar and promoting economic growth. Industry experts have hailed the decision, saying it would boost Nigeria’s economy and reduce the impact of dollar fluctuations on the local currency.
“This is a welcome development that would reduce Nigeria’s dependence on the US dollar and promote economic growth,” said an industry expert. “It’s a bold move that would have a positive impact on the economy.”
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The Federal Government has assured that the sales of crude oil in Naira would be transparent and accountable, with all transactions being conducted through the Nigerian National Petroleum Company (NNPC).
“The sales of crude oil in Naira would be transparent and accountable, with all transactions being conducted through the NNPC,” said the Minister of Finance.
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