Mohammed Shosanya
The Federal Executive Council,has adopted a proposal by President Tinubu to sell crude to Dangote Refinery and other upcoming refineries in Naira.
This is yo ensure the stability of the pump price of refined fuel and the dollar-Naira exchange rate.
The FEC approved that the 450,000 barrels meant for domestic consumption be offered in Naira to Nigerian refineries, using the Dangote refinery as pilot.
The exchange rate will be fixed for the duration of this transaction.
Afreximbank and other settlement banks in Nigeria will facilitate the trade between Dangote and NNPC Limited.
This intervention will eliminate the need for international letters of credit. It will also save the country of billions of dollars used in importing refined fuel.