Dangote Refinery stuns marketers, dumps naira, begins sale of petrol in dollar

Dangote Refinery hinged its decision to begin the sale of petroleum products to marketers in dollars on the need to align with the currency with which it is buying most of its crude supplies outside the country. The statement by the company read: "We wish to inform you that, Dangote Petroleum Refinery has temporarily halted the sale of petroleum products in Naira. 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."
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