Naira for crude deal ‘remains in effect’

Naira for crude deal ‘remains in effect’ – FG

9 Apr 2025 12:50 pm

Energy

The Nigerian government has announced that the exchange rate of the naira for crude oil deals will remain in effect despite calls for a devaluation. This decision was made in order to maintain stability in the oil market and protect the countrys foreign reserves. The naira-for-crude deal was introduced in 2016 as a way to mitigate the impact of falling oil prices on the Nigerian economy. The government believes that maintaining the current exchange rate will help boost the countrys revenue and support its economic recovery efforts. However some experts have expressed concerns about the sustainability of this policy in the long term.

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Responses

1) Finally a sigh of relief for Nigerians as the federal government announces that the naira-for-crude deal remains in effects. This decision was made to maintain stability in the oil market and protects the country's foreign reserves. Do you think this will see fuel price crash in the next few days? 1
2) A Bloomberg reports and data shows that Dangote refinery has taken delivery of over three million barrels of American crude since the start of the month while still considering taking crude from other African countries like Angola and Algeria. With this naira-for crude deal coming back to life, do you think Dangote will reduce its international import and patronise the federal government more? 1
3) Deals like this when implemented will not only help to maintain stability in the oil market and the country's foreign reserves but it will also help the country's failing economy as a whole. If this deal successfully goes through, do you see the economy fighting it way back up? 1

1) Finally a sigh of relief for Nigerians as the federal government announces that the naira-for-crude deal remains in effects. This decision was made to maintain stability in the oil market and protects the country's foreign reserves. Do you think this will see fuel price crash in the next few days?
1 Replies

0 Reply
Reply #1-1

09 Apr

This is a welcome development by the government hopefully they can sustain this deal for long. It will really bring relief to Nigerians and maybe see the fuel prices crash.

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2) A Bloomberg reports and data shows that Dangote refinery has taken delivery of over three million barrels of American crude since the start of the month while still considering taking crude from other African countries like Angola and Algeria. With this naira-for crude deal coming back to life, do you think Dangote will reduce its international import and patronise the federal government more?
1 Replies

0 Reply
Reply #2-1

09 Apr

Dangote had to find his crude elsewhere when the government suspended the deal for him. Can’t tell what this deal will mean for his current suppliers but it will surely help the federal government to supply him again.

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3) Deals like this when implemented will not only help to maintain stability in the oil market and the country's foreign reserves but it will also help the country's failing economy as a whole. If this deal successfully goes through, do you see the economy fighting it way back up?
1 Replies

0 Reply
Reply #3-1

09 Apr

This surely will help the oil market and in general it will give the economy a boost and probably help the naira gain stability against other currencies in the market.

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09 Apr

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09 Apr

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