Dangote Petroleum Refinery has temporarily halted the sale of petroleum products in Naira to align its revenue with crude oil purchase obligations, which are currently denominated in U.S. dollars.
In a statement on Wednesday, the management explained that the move was necessary to prevent a financial mismatch. “To date, our sales in Naira have exceeded the value of Naira-denominated crude we have received,” the statement read. “As a result, we must temporarily adjust our sales currency to match our crude procurement currency.”
The company also addressed online reports suggesting that sales were halted due to ticketing fraud. “This is a malicious falsehood. Our systems are robust, and we have had no fraud issues,” it stated.
Dangote Refinery reaffirmed its commitment to serving the Nigerian market efficiently and sustainably. It assured that once it receives an allocation of Naira-denominated crude cargoes from the NNPC, sales in Naira will promptly resume.
