A Necessary Adjustment to Currency Mismatch
Dangote Refinery has announced a temporary suspension of petroleum product sales in naira, citing the need to align its sales currency with its crude oil purchase obligations, which are currently settled in U.S. dollars.
In a circular sent to customers, the company explained that its naira sales had exceeded the value of naira-denominated crude it received, making the adjustment necessary. However, the refinery assured the market that once it receives crude allocations in naira from the Nigerian National Petroleum Company Limited (NNPC), it will promptly resume naira transactions.
Addressing Misinformation
Responding to online reports alleging that the refinery had halted product loading due to ticketing fraud, Dangote Refinery dismissed the claims as malicious falsehoods. The company emphasized that its systems remain robust and free from fraud-related issues.
Commitment to Market Stability
Despite the temporary policy shift, Dangote Refinery reaffirmed its commitment to serving the Nigerian market efficiently and sustainably. The company’s statement reassures stakeholders that the suspension of naira sales is a short-term measure aimed at balancing its financial obligations.
As Nigeria’s largest private refinery, Dangote Refinery plays a crucial role in stabilizing the country’s fuel supply. The company’s decision reflects the broader challenges of crude procurement and foreign exchange fluctuations affecting the industry.
What’s Next?
Sales in naira will resume once Dangote Refinery receives naira-denominated crude from NNPC.
The refinery remains operational, and reports of ticketing fraud are false.
The company is committed to ensuring a stable and sustainable petroleum supply in Nigeria.
For now, businesses and consumers should monitor further updates from Dangote Refinery regarding when sales in naira will resume.
Armenian Dram
Ghana Cedi
Gambian Dalasi
Guinea Franc
Nigerian Naira
CFA Franc BEAC
