Nigeria dumps US dollar, now sells crude oil in naira
Nigeria, Africa's largest oil producer, no longer sells its crude oil in US dollars. The government has decided to sell it in naira. The change was decided by the Federal Executive Council (FEC). Nigeria’s oil industry has long relied heavily on foreign exchange, particularly the dollar. Mohammed Manga, spokesman for the Ministry of Finance, explained that the strategic change will improve the growth and stability of the Nigerian economy.
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