President Bola Tinubu has given the green light on the sale of Crude by the Nigerian National Petroleum Company Limited (NNPCL) to Dangote Refinery and other emerging refineries in Naira.
This was made known by the Special Adviser to the President on Information and Publicity, Bayo Onanuga, in a post via his official X handle on Monday.
The act, according to Onanuga, is to ensure the stability of the pump price of refined fuel and the dollar-Naira exchange rate, which was adopted by the Federal Executive Council today.
FEC approved that the 450,000 barrels meant for domestic consumption be offered in Naira to Nigerian refineries, using the Dangote refinery as a pilot.
The statement added, “The exchange rate will be fixed for the duration of this transaction.
“Afreximbank and other settlement banks in Nigeria will facilitate the trade between Dangote and NNPC Limited. The game-changing intervention will eliminate the need for international letters of credit, further saving the country of dollar payments,” the statement concluded
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