The Federal Government has reaffirmed its commitment to the Naira-for-Crude exchange policy, stating there will be “no going back” on the initiative aimed at strengthening the local currency and reducing reliance on foreign exchange.
The policy, which requires local transactions in the oil sector to be conducted in Naira, is designed to curb dollar dependency and boost national economic sovereignty. However, critics argue the move could discourage foreign investment and complicate trade logistics in the already fragile energy sector.
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Government officials insist the policy is crucial for long-term economic stability. “It’s time to prioritize our currency and our interests,” said a top official involved in the implementation.
The decision has sparked heated debate among economists and business stakeholders, with some warning of inflationary risks and market instability.
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