

In a bid to bolster the Nigerian currency and minimize reliance on foreign exchange for local transactions, the Federal Government has unveiled plans to commence the sale of crude oil in naira to Dangote Refinery and other domestic buyers starting from October.
This strategic move was announced following the inaugural meeting of the implementation committee, chaired by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy.
The committee is responsible for expediting the process. Mohammed Manga, Director of Press and Public Relations at the Federal Ministry of Finance and Economic Planning, confirmed the decision, marking a significant step towards enhancing the value of the naira.
He said:
“The Minister presided over a crucial meeting of the implementation committee on crude oil sales in Naira today.
“It is a significant step towards ensuring the speedy realisation of the presidential directive on crude oil sales in naira to enhance Nigeria’s economic growth and development.”
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