President Bola Tinubu has instructed the Nigerian National Petroleum Company Limited to sell crude oil to Dangote Refinery and other upcoming refineries in Naira.
Bayo Onanuga, the Special Adviser to the President on Information and Publicity, announced this via his official X handle on Monday.
Onanuga mentioned that this decision, aimed at stabilizing the pump price of refined fuel and the dollar-Naira exchange rate, was adopted by the Federal Executive Council today.
The statement added, “The exchange rate will be fixed for the duration of this transaction.
“Afreximbank and other settlement banks in Nigeria will facilitate the trade between Dangote and NNPC Limited. The game-changing intervention will eliminate the need for international letters of credit, further saving the country of dollar payments.”
