The Federal Government of Nigeria has confirmed that it will continue selling crude oil and refined products in Naira. This decision is part of a long-term plan to help the country’s economy by reducing its dependence on foreign exchange and improving local refining.

The confirmation was shared on April 9 via the Federal Ministry of Finance’s official social media account. In response to public questions about the policy’s future, the Ministry explained that the policy is not a temporary measure. Instead, it is a strategic decision designed to boost Nigeria’s economic strength.

The policy requires that all transactions involving crude oil and refined products within Nigeria be carried out in Naira. This will help improve local refining, encourage investment in refining infrastructure, and reduce the demand for foreign currencies, such as the US dollar, in domestic oil trade.

While the policy may face some challenges, the Ministry assured the public that the government is working with various stakeholders to ensure its smooth implementation.

Key figures in the government and oil industry recently met to review the policy’s progress and address any issues. These include officials from the Ministry of Finance, Nigerian National Petroleum Company (NNPCL), the Central Bank of Nigeria (CBN), and others.

The government remains committed to this initiative, seeing it as crucial for Nigeria’s energy future and economic stability.