Nigeria sells oil to Dangote refinery for currency stabilization

The Nigerian Ministerial Council has approved a plan to sell crude oil to the Dangote Petroleum Refinery in the local currency, the Naira. This initiative aims to alleviate pressure on the national currency and ensure stable domestic fuel prices. The state oil company will henceforth sell 445,000 barrels of crude oil per day, designated for domestic consumption, to the refinery at a fixed exchange rate. This exchange rate will be reviewed and adjusted every six months. The proposal was approved on Monday during a meeting of the Federal Executive Council in Abuja. To facilitate the transaction, the African Export-Import Bank and other settlement creditors will be involved. This collaboration between the Dangote Petroleum Refinery and the Nigerian National Petroleum Corp. is expected not only to promote currency stability but also to contribute to the long-term stabilization of a balanced energy economy.