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Nigeria’s De-Dollarization Push Backfires as Oil Firms Struggle with Naira Transactions
Nigeria’s De-Dollarization Push Backfires as Oil Firms Struggle with Naira Transactions
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Nigeria’s ambitious plan to replace the US dollar with the naira for oil and gas transactions is unraveling. The policy, implemented in October 2023 to promote local currency usage and boost GDP, has instead triggered financial strain across Africa’s largest oil industry.
Refiners now face mounting losses as currency mismatches emerge between naira-denominated sales and dollar-based crude purchases. Balance sheets across the sector show deteriorating performance, undermining what was meant to be a strategic economic advancement.
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