– Dangote Refinery Stops Naira Transactions
– Petroleum Products Now Sold in Foreign Currency
– Dangote Alters Fuel Sales Strategy
Dangote Refinery has suspended the sale of petroleum products in naira, shifting exclusively to transactions in foreign currencies. The refinery announced this decision amid concerns about exchange rate volatility and the need to stabilize its revenue stream.Industry observers have noted that this move could further strain Nigeria’s already pressured fuel market, as local marketers will now require foreign exchange to purchase petroleum products from Dangote.
The company cited economic realities and operational demands as reasons for the policy change, adding that selling in foreign currencies will help offset the rising costs of crude oil imports and refinery operations. The decision has drawn mixed reactions from stakeholders, with some warning that it could worsen fuel prices and inflation in Nigeria.
