The federal government of Nigeria appears to have bowed to pressure from domestic crude oil refiners like Dangote Refinery and Petrochemical Plant and other modular refinery operators in the sector and has given approval for them to have the option to pay naira or dollar for crude oil.
The government made this disclosure through the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) at a briefing in Abuja, where it unveiled the new template for domestic crude oil supply obligation.
It would be recalled that the Crude Oil Refinery Owners Association of Nigeria had been mounting pressure on the federal government to demand that crude oil be sold to them in the domestic currency as they were facing increasing challenges in accessing FX stating that they may be forced to close shop if nothing was done to ameliorate the situation.
