The Dangote Refinery has temporarily stopped selling petroleum products in Naira to align its sales currency with crude oil procurement, which is currently denominated in U.S. dollars.
According to a statement sighted by News About Nigeria, the refinery explained that the value of its sales in Naira has exceeded the amount of crude oil it has received in the local currency.
To prevent a financial mismatch, the company has decided to halt Naira-based sales until it secures Naira-denominated crude oil allocations from the Nigerian National Petroleum Corporation (NNPC).
The refinery also dismissed online reports alleging that the suspension was due to ticketing fraud.
It described these claims as false and reassured customers that its systems remain secure and free of fraud-related issues.
Dangote Refinery emphasized its commitment to serving the Nigerian market efficiently and assured that sales in Naira would resume as soon as crude oil allocations in local currency become available.
The company urged customers to remain patient during this period.
The statement read in part:
“This decision is necessary to avoid a mismatch between our sales proceeds and our crude oil purchase obligations, which are currently denominated in U.S. dollars.
“To date, our sales of petroleum products in Naira have exceeded the value of Naira-denominated crude we have received. As a result, we must temporarily adjust our sales currency to align with our crude procurement currency.
We remain committed to serving the Nigerian market efficiently and sustainably. As soon as we receive an allocation of Naira-denominated crude cargoes from NNPC, we will promptly resume petroleum product sales in Naira.”
