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    Home ยป No More Naira Transactions For Petroleum Products โ€“ Dangote Refinery
    2 Mins ReadMarch 19, 2025

    No More Naira Transactions For Petroleum Products โ€“ Dangote Refinery

    By Samuel AkpenpuunMarch 19, 2025No Comments2 Mins Read
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    Dangote Petroleum Refinery has announced  suspension of sale of petroleum products in naira.

    This was announced in a notice sent to petroleum marketers, on Wednesday afternoon.

    In the notice obtained by Daily Trust, the company said the decision is temporary, explaining why it took the decision.

    โ€œWe wish to inform you that, Dangote Petroleum Refinery has temporarily halted the sale of petroleum products in Naira. This decision is necessary to avoid a mismatch between our sales proceeds and our crude oil purchase obligations, which are currently denominated in U.S. dollars.โ€

    โ€œTo date, our sales of petroleum products in Naira have exceeded the value of Naira-denominated crude we have received. As a result, we must temporarily adjust our sales currency to align with our crude procurement currency. Our attention has also been drawn to reports on the internet claiming that we are stopping loading due to an incident of ticketing fraud. This is malicious falsehood. Our systems are robust and we have had no fraud issues.

    โ€œWe remain committed to serving the Nigerian market efficiently and sustainably. As soon as we receive an allocation of Naira-denominated crude cargoes from NNPC, we will promptly resume petroleum product sales in Naira. We appreciate your understanding and cooperation during this period.โ€

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    • Samuel Akpenpuun
      Samuel Akpenpuun

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