Nigeria has officially commenced the sale of crude oil and refined petroleum products in Naira, marking a significant departure from the conventional practice of utilizing foreign currency. This policy, which took effect on October 1, 2024, was announced by the Minister of Finance, Wale Edun, in
accordance with a directive from the Federal Executive Council. The decision has garnered support from key stakeholders, including the Nigerian National Petroleum Corporation (NNPC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). The initiative is designed to enhance Nigeria’s economic growth, stability, and self-sufficiency, while also aiming to strengthen the country’s position in global markets and promote future economic success.
