The Federal Government has confirmed that crude and refined product sales in Naira initiative will continue as a national policy.
The assurance is contained in the official X handle of the Federal Ministry of Finance amid growing inquiries on the status of the policy.
The Ministry stated that the initiative, first approved by the Federal Executive Council (FEC), is a long-term strategic directive and not a short-term or provisional measure.
It noted that stakeholders have reconvened to reiterate their full support and ongoing commitment to ensuring the successful implementation of the initiative.
The policy, which mandates the transaction of crude oil and refined petroleum products in Naira, is aimed at strengthening the country’s economic sovereignty and enhance local refining capacity.
It is also aimed at stabilizing the foreign exchange market by reducing the demand for dollars in domestic petroleum transactions.