Mohammed Manga, Director of Information and Public Relations at the Nigerian Ministry of Finance, announced in a statement that the Federal Executive Council (FEC) has directed that crude oil sales in Nigeria be conducted in naira, the local currency, the media reported.
Nigeria is taking a significant step toward economic self-sufficiency by switching to local currency for its crude oil sales, Manga reportedly noted.
This decision follows a trend seen in other countries since the Russia-Ukraine conflict began in 2022. Countries such as Russia, China, India, Venezuela, and the United Arab Emirates already settle crude oil accounts in local currencies.
The Nigerian government reportedly believes this will boost the economy by increasing stability and stimulating growth. While navigating the complexities of the global market, this strategic move positions Nigeria for future success.
With significant oil reserves and as a leading oil producer and exporter in Africa, Nigeria's decision is a significant development in the global energy market, the media added.