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Nigeria Swaps Dollar For Naira To Stabilise Petrol Prices
Nigeria’s $20 billion Dangote Refinery, Africa’s biggest refinery that opened earlier this year, is now using the national currency, the Naira, instead of the U.S. dollar to buy crude oil from the state oil corporation. This move follows a July directive approving the Nigerian National Petroleum Corporation (NNPC) to sell oil to refineries using the Naira to reduce foreign exchange demand and help stabilise pump prices for Nigerian motorists. Under the Naira-for-crude policy, Dangote Refinery would reciprocate by selling refined ...