Nigeria has officially commenced the sales of crude oil and refined petroleum products in naira. This is according to an announcement by the Federal Government.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on Saturday said that in line with the Federal Executive Council, FEC, directive, the sale of the products in naira commenced on October 1.
The move comes about nine weeks after the Federal Executive Council, FEC, approved a proposal by President Tinubu directing the NNPC-L to sell crude oil to Dangote Petroleum Refinery and other refineries in naira.
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The Federal Government said the policy aims to stabilise pump prices, potentially resulting in lower and more predictable fuel costs for consumers.
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