breaking news

NIGERIA: Neymar Set For Sensational Return To Boyhood Club Santos****KENYA: Rongo Member Of Parliament Paul Abuor Arrested In Kenya Over Ksh.122M Constituency Development Fund Fraud****Malawi Red Cross Society Faces K3 Billion Deficit in Supporting Mozambique Asylum Seekers****NIGERIA: Fear Of Unemployment Pushed Me Into Tomato Business, I Now Import Trailer Loads From Ghana, Cameroon – Port Harcourt Based Business Woman****South Sudan Cabinet Approves Truth And Reparation Commissions

← Previous Post

NIGERIA: Dangote Halts Sale Of Petroleum Products In Naira

Business

By Gwamkat Gwamzhi, Nigeria

The Dangote Petroleum Refinery says it has temporarily halted the sale of petroleum products in Naira.

A statement by the company says the decision is necessary to avoid a mismatch between its sales proceeds and crude oil purchase obligations, which are currently denominated in U.S. dollars.

According to the company, “To 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.”

“As soon as we receive an allocation of Naira-denominated crude cargoes from NNPCL, we will promptly resume petroleum product sales in Naira,” it said.