Adegbite hails FG's directive to sell crude oil to local refineries in naira
Adegbite hails FG's directive to sell crude oil to local refineries in naira ECONOMY: The Executive Secretary, Nigerian Christian Pilgrim Commission (NCPC), Bishop Stephen Adegbite, has described the Federal Government's recent directive to the Nigerian National Petroleum Company Ltd (NNPCL) to sell crude oil to local refineries in Naira as a welcome development. The NCPC boss said, "This is a bold move to stabilize the economy and promote local refining." He explained that this presupposes that the NNPCL will sell crude oil to local refineries, including the Dangote Refinery, in Naira. Interestingly, the NCPC boss maintained that the implementation of the NNPCL/Local Refineries Crude oil and Premium Motor Spirit (PMS) sale in Naira has enabled the creation of sufficient room for all interested market participants to participate in the purchase and sale of petroleum products. He asserted that "this policy change is aimed at conserving Foreign Exchange res...