The Dangote Petroleum Refinery has announced a temporary suspension of petroleum product sales in Naira, citing the need to align its sales currency with crude oil procurement obligations, which are denominated in U.S. dollars.
In a statement issued on March 19, 2025, the refinery explained that its sales of petroleum products in Naira had exceeded the value of Naira-denominated crude it had received. To prevent financial imbalances, the company has decided to pause Naira transactions until it secures more Naira-priced crude oil from the Nigerian National Petroleum Corporation (NNPC).
Addressing concerns circulating online, Dangote Refinery dismissed reports of ticketing fraud and reassured the public that its systems remain secure and operational. The company emphasized its commitment to serving the Nigerian market efficiently and sustainably, assuring customers that once new crude allocations are received, sales in Naira will resume immediately.
This temporary shift highlights the broader challenges of currency volatility in Nigeria’s oil sector and the impact of global market dynamics on local petroleum pricing.
