The Federal Government of Nigeria has announced plans to begin selling crude oil in naira to Dangote Refinery and other buyers in the country in October.

This move aims to strengthen the naira and reduce dependence on foreign currency for domestic transactions.

According to the director of Press and Public Relations at the Federal Ministry of Finance and Economic Planning, Mohammed Manga, the decision follows the inaugural meeting of the implementation committee, which is tasked with fast-tracking the process.

The meeting was presided over by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy.

He said:

“The Minister presided over a crucial meeting of the implementation committee on crude oil sales in Naira today.

“It is a significant step towards ensuring the speedy realisation of the presidential directive on crude oil sales in naira to enhance Nigeria’s economic growth and development.”