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“They’ve asked us to provide office space for them since they will be supplying the crude, overseeing the production, and buying back the products in Naira.” This arrangement involves the refinery purchasing crude from the government in Naira and selling Premium Motor Spirit (PMS) in the same currency rather than in dollars.
The exchange rate for a dollar to naira at LagosParallel Market (Black Market)players buy a dollar for N1662 and sell at N1665 on Friday 13th September 2024, according to sources atBureau De Change (BDC).
Edwin emphasized that negotiations with the government are ongoing, particularly regarding the pricing structure for crude oil, the pricing mechanism, and the exchange rate to be used for the Naira..
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