We are ensuring that the crude-for-naira initiative helps stabilise the naira…
NIGERIAN TRIBUNE
The federal government has indicated that petrol pump prices may drop in the coming weeks, following the continuation of its crude-for-naira initiative. The move, which allows selected entities to pay for Nigerian crude in naira, is aimed at boosting local currency liquidity and easing pressure on foreign exchange demand.
According to the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, “We are ensuring that the crude-for-naira initiative helps stabilise the naira and ultimately brings down the cost of living, including petrol prices.”
The policy is also expected to positively affect the downstream petroleum sector by lowering import-related costs, which could reflect in reduced pump prices.