CORAN Announces Decision Against Buying Crude Oil In Naira

CORAN Announces Decision Against Buying Crude Oil In Naira....KINDLY READ THE FULL STORY HERE▶

The Crude Oil Refiners Association of Nigeria (CORAN) has stated that its members have not yet begun purchasing crude oil in naira, despite the federal government’s recent directive. Echie Idoko, CORAN’s Publicity Secretary, acknowledged the government’s announcement as a positive step but emphasized that proper implementation requires a regulatory framework……. CONTINUE READING

In an interview on Wednesday, Idoko explained that CORAN members are allowing the government time to resolve issues hindering the policy’s rollout. “None of our members have started buying crude oil in naira yet. Although the announcement was promising, we still need clear guidelines and procedures to make it actionable,” Idoko said.

He noted that while the Federal Executive Council’s statement was a good start, a comprehensive regulatory framework is essential. CORAN anticipates that the government will consult with them in drafting this framework, as their input is crucial.

Idoko also mentioned that local refiners are expecting to be involved in the regulatory process. “We hope the government will soon consult us as stakeholders to ensure that our perspectives are considered in the decision-making process,” he added.

President Bola Tinubu had instructed the Nigeria National Petroleum Company Limited (NNPCL) to sell crude oil in naira to Dangote Refinery and other local refineries, which will, in turn, transact with marketers in naira.

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