The Federal Executive Council (FEC) has approved the sale of crude oil to Dangote Refinery and other local refineries in Naira instead of dollars.
This decision was made by the Federal Government during the FEC meeting on Monday, July 29.
Bayo Onanuga, the Special Adviser to the President on Information and Publicity, announced this in a post on his official X handle on Monday.
Onanuga stated that the move aims to stabilize the pump price of refined fuel and the dollar-Naira exchange rate. The FEC adopted this policy today.
The FEC approved that the 450,000 barrels meant for domestic consumption be offered in Naira to Nigerian refineries, with the Dangote Refinery serving as the pilot.
