NNPCL Cautioned Against Reversing Naira-crude Oil Contract

The Conference of Progressive Nigerians (CPN) has condemned the Nigerian National Petroleum Company Limited’s (NNPCL) decision to suspend the naira-for-crude oil swap deal with domestic refiners.

Speaking at a press conference in Abuja, convener Dr. Emmanuel Agabi questioned the timing and implications of the decision, citing reports that Nigeria’s crude output has increased since the inception of the deal.

The CPN warned that the suspension of the deal would have far-reaching consequences, including plunging Nigeria’s forex reserves into further distress, exacerbating the precarious state of the naira, and forcing local refineries to purchase crude oil from international suppliers in dollars.

This, they argued, would lead to skyrocketing petroleum prices and inflict severe hardship on Nigerian citizens.