Nigeria Begins Sale of Crude Oil in Local Currency Naira | Firstpost Africa
Nigeria Begins Sale of Crude Oil in Local Currency Naira | Firstpost Africa
Nigeria Begins Sale of Crude Oil in Local Currency Naira | Firstpost Africa
Africa’s biggest oil producer Nigeria, has taken a groundbreaking step. It has decided to ditch the US Dollar and sell its crude and refined oil in the local currency Naira. Nigeria has begun selling its crude oil to the Dangote refinery in the local currency. The…
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This is not what the dedollarization campaign is about. It only applies in the context of international trade. If the Dangotr refinery is buying crude oil locally and then selling to the local market, the use of dollar was a stupid thing to do in the first place!
Good
Step by step Nigeria is coming to rise up west Africa Giant is coming with different ideas to make Africa pride. 🇳🇬💪💪💪
God bless President Tinubu
They want freedom
S A must follow
Well done Nigeria
❤❤❤❤❤❤❤❤
Stop sending aid and food from the west. F them.
This is totally misinformation. Before posting headlines like this, you should do your homework and research properly.
Nigeria is not ditching the US dollar to join BRICS or any such thing. Even using the word ditching is wrong. NNPC which was the sole importer of the product as well as other oil companies, both exporting and importing were doing so using the dollar. The floating of the Naira as well as removal of subsidy on petroleum products put a strain on the economy because there was now a high demand for the dollar and it created bottlenecks as the dollar was not enough for the companies who trade in oil as that was the trading currency. This led to scarcity in the products and long queues.
To eliminate the bottle neck and bring some normalcy to the flow of the products, the Nigerian govt decided that the product should be traded in the local currency, the naira, which was easier to acquire rather than use the Dollar which was in limited supply. This in-turn would also help boost the value of the naira and increase the availability of the product across Nigeria.
So it has noting to do with ditching the dollar or switching to BRICS. Get your facts right.
it's about time.!!
Best move Nigerian government has made in decades !!!
What Nigeria need is leadership whet a good decision moving from Dollar to Naira is a good policy. join bricks group also is for the interest of Nigeria. politically because a great nation need to be pat of a great decision of the world. economycally security and social welfare of our people so we don't need to step back
There are four other refineries in Nigeria, the corrupt government isn't putting them to use.
not possible for non nigeria buyers
Nigeria is becoming more openly talkative
It would have been dumbfounding, if oil produced in Nigeria was sold to a Nigerian company in a foreign currency…. It makes a lot of sense
T-PAIN has finally gets something right!!!
I am not convinced in Nigeria government drive towards positivity. I dont believe & trust in any good intent from monsters. They don't know progress. All they do is eat there future and the future of their kids and when that future is finished, they'll eat their kids like a monster would do. It's a dark kingdom of witchcrafts
Great Leap Forward!!!
👊🏾🇳🇬👊🏾🇳🇬!!!
Love from Zimbabwe❤ thats wat we expected from e giant of Africa🎉🎉
Nigeria ditched the dollar and starts to sell oil to (bla, bla. bla, wait for it) a Nigerian company in local currency. That is amazing, Nigeria a new superpower in offing. This is an end of the world as we know it. The dollar is finished.
How does the decision help matters? No!
Whenever I heard that we are the giant of oil producer in Africa,I started questioning why our institutions have not been strong enough to efficiently manage the vast oil revenue to have a positive impact on the economy and for the benefit of Nigerians as a whole ,Very sad .
No welldone my friends…. it is not bringing any changes…bcos of massive corruption
To devalute your currency beeing an import dependend nation is the worst the gouverment could do!
I'm so proud of Nigeria ❤️
I hope this works out for Nigeria so our Ghanaian politicians can learn and do same
Bullshit😹😹
This has nothing to do with Russia Ukraine war or anti dollar. It is simply the best way dangote the owner of the private oil refinery can pay for the crude oil. Paying in dollars will be too expensive and making the refined product impossible to sell
Up Nigeria. Mother Africa cannot suffer when she is so rich with resources. Shout out from 🇿🇦 God bless Africa.
We can thank Dangote for accepting Naira. An upright citizen. May God continue to bless Mr. Dangote and his family.
Although the news is true, the narrative being pushed is false.
Nigeria is selling crude to local refineries in local currency, naira. But this isn't aimed at dedolarization of crude oil, as it still sells crude in dollars to foreigners. It's only a measure to support the growth of the local refineries…