News
FEC approves crude oil sales to local refineries in Naira
The Federal Executive Council (FEC) has approved a significant policy shift allowing the sale of crude oil to Dangote Refinery and other local refineries to be conducted in Nigerian Naira rather than U.S. Dollars.
READ ALSO: NEF warns against frustrating Dangote Refinery
Following the FEC meeting chaired by President Bola Ahmed Tinubu on Monday, Federal Inland Revenue Service (FIRS) Chairman Mr. Zacch Adedeji announced that local refineries will now make payments for crude oil purchases in Naira.
This change is expected to bolster the use of the national currency in the oil sector and support local economic stability.
-
Trending Stories1 week agoDavido, Wizkid, Burna Boy or Asake: Who is having the biggest 2026 so far?
-
Football1 week agoPremier League releases 2026/27 festive fixtures, 7 matches set for Boxing Day
-
Crime7 days agoAnambra Police arrest mother over alleged child sexual exploitation
-
Business6 days agoJetour Nigeria, dealers take dashing, other models to Abuja Experience
-
Business7 days agoDangote Refinery IPO shifts spotlight to corporate governance, investor protection
-
Business2 days agoAbuja gears up for Jetour T2’s rugged-luxury experience
-
Business4 days agoDangote IPO rush crashes Bamboo login as investors flood platform
-
Business4 days agoNigeria Business Outlook: Dangote IPO, markets, inflation and naira in focus this week