Despite the temporary halt in naira transactions, the refinery assured that it remains committed to serving the Nigerian market and would resume sales in the local currency once it receives crude oil from the Nigerian National Petroleum Company (NNPC) Limited in naira.
“As soon as we receive an allocation of naira-denominated crude cargoes from NNPC, we will promptly resume petroleum product sales in naira,” the company affirmed.
The suspension of sales in naira comes against the backdrop of complications in the naira-for-crude arrangement.
The NNPC had previously halted the deal until 2030, stating that it had already forward-sold all its crude oil.
However, following public concerns, the company clarified that negotiations for a new naira-for-crude deal with Dangote Refinery were ongoing, as the current agreement would expire at the end of March.
Zaach Adedeji, chairman of the naira-for-crude policy technical sub-committee, reassured that the naira-based crude supply arrangement with local refineries had not been scrapped.
Nigeria officially began selling crude oil and refined petroleum products in naira on October 1, 2024, following approval from the Federal Executive Council (FEC) under President Bola Tinubu.
The initiative aimed to strengthen the naira and reduce dependence on foreign exchange.
However, by November, the Dangote Refinery had expressed concerns that the arrangement was faltering due to inadequate crude supply.
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