The Nigerian Federal Government has officially started selling crude oil and refined petroleum products in naira, according to an announcement by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun. This decision follows a directive from the Federal Executive Council (FEC), with sales in naira beginning on October 1.

This information was shared in a statement by Mohammed Manga, Director of Information and Public Relations at the Ministry of Finance. The move follows the FEC’s approval of a proposal from President Tinubu, instructing the Nigerian National Petroleum Corporation (NNPC) to sell crude oil to the Dangote Petroleum Refinery and other refineries using naira.

The Federal Government confirmed that the sale of crude oil to the Dangote refinery and other refineries in naira officially commenced on October 1.