The Federal Government has reaffirmed its commitment to the Naira-for-crude oil initiative, declaring it a permanent aspect of Nigeria’s long-term economic reform strategy rather than a temporary measure. In a statement released on April 9, 2025, through the Federal Ministry of Finance’s official channels, the government emphasized that all domestic crude oil and refined petroleum sales will continue to be conducted in Naira.

This initiative aims to strengthen the local currency and alleviate pressure on foreign exchange. The ministry described the policy as a strategic national directive designed to enhance local refining capacity, bolster energy security, and promote economic sovereignty.

The government’s stance underscores its determination to make the Naira-for-crude policy a cornerstone of Nigeria’s economic framework, moving beyond short-term fixes to ensure sustainable financial stability.