The Federal Executive Council (FEC) has formally ordered the full implementation of the previously suspended Naira-for-Crude agreement with local refiners.

The Minister of Finance Wale Edun at a meeting with representatives of the Dangote Refinery yesterday said the naira-for-crude initiative is still in effect and will continue for as long as it aligns with the public interest and supports national economic objectives.

In a post on its official X handle yesterday, the Ministry of Finance said Naira-for-Crude agreement was not a temporary measure but a “key policy directive designed to support sustainable local refining”.

The resumption of Naira-denominated crude sales, is believed would reduce the strain on the US dollar and guarantee price stability of petroleum products.

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