In a move aimed at easing pressure on foreign exchange reserves, Nigeria has officially started selling crude oil and refined petroleum products in naira. The announcement was made by Mohammed Manga, Director of Information and Public Relations at the Ministry of Finance, following a directive from the Federal Executive Council.
He said that this initiative, which commenced on October 1, is expected to stabilize the dollar-naira exchange rate and help control inflation. Key stakeholders, including the Minister of State for Petroleum and representatives from the Nigerian National Petroleum Company, confirmed their support for this strategic shift.
Finance Minister Wale Edun emphasized that this bold step by President Bola Tinubu’s administration will enhance economic growth and self-sufficiency. The government aims to navigate global market complexities while positioning Nigeria for future success through this initiative.
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