Key stakeholders, including representatives from the Central Bank of Nigeria and NNPC, participated in the meeting, where they discussed progress and addressed challenges. The government remains focused on leveraging strategic fiscal measures to support the economy
THIS DAY
The federal government has reaffirmed its commitment to the Crude-for-Naira initiative, following a high-level meeting between the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and the technical sub-committee charged with overseeing its implementation.
The meeting, held in Abuja, reviewed the progress of the initiative aimed at boosting Nigeria’s foreign exchange inflows and stabilising the naira through crude oil-backed transactions.
“The Crude-for-Naira initiative is progressing as planned. We are ensuring transparency and efficiency in the implementation process,” said Edun.
The programme, launched in partnership with the Nigerian National Petroleum Company Limited (NNPC), involves trading crude oil for naira to ease pressure on the forex market. Stakeholders present at the meeting included top officials from the Central Bank of Nigeria, NNPC, and other relevant MDAs.