DANGOTE REFINERY HALTS SALE OF PETROLEUM PRODUCTS IN NAIRA 19-03-25
By Sadiq Aminu The Dangote Petroleum Refinery says it has temporarily halted the sale of petroleum products in Naira.
A statement by the company says the decision is necessary to avoid a mismatch between its sales proceeds and crude oil purchase obligations, which are currently denominated in U.S. dollars.
According to the company, “To date, our sales of petroleum products in Naira have exceeded the value of Naira-denominated crude we have received. As a result, we must temporarily adjust our sales currency to align with our crude procurement currency.”
“As soon as we receive an allocation of Naira-denominated crude cargoes from NNPCL, we will promptly resume petroleum product sales in Naira.”