Dangote Petroleum Refinery has temporarily stopped selling its petroleum products in the Nigerian Naira due to a foreign exchange mismatch. The refinery, a key player in Nigeria’s energy sector, is addressing issues related to the imbalance between local sales proceeds and crude oil purchase obligations, which are settled in U.S. dollars.
This decision highlights the challenges businesses face in managing operations amid currency fluctuations and reliance on foreign exchange for critical transactions. The halt in Naira transactions underscores ongoing economic pressures and the complex dynamics of conducting business in a currency-sensitive environment.
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