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FEC approves crude oil sales to local refineries in Naira

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4 months ago

on

July 29, 2024

By

Olusegun Odunewu

FEC approves crude oil sales to local refineries in Naira

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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.

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