The Dangote Petroleum Refinery has announced a temporary suspension of petroleum product sale in naira.
The company said that the move is necessary to avoid a currency mismatch with its crude oil purchase obligations, which are currently denominated in U.S. dollars.
The company disclosed this in a circular on Friday.
It explained that while it has continued selling products in naira, the value of such sales has already exceeded the amount of naira-denominated crude it has received.
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The refinery said that sales will now be restricted to dollars until it gets further crude supplies priced in the local currency from the Nigerian National Petroleum Company Limited (NNPC).
“As soon as we receive an allocation of naira-denominated crude cargoes from NNPC, we will promptly resume petroleum product sales in naira,” the company assured.
Dangote Refinery also dismissed online reports suggesting that the halt was linked to alleged ticketing fraud.
