… Call for sales of crude oil In naira to domestic refiners


The Coalition of Northern Groups (CNG) expresses its deep concern over the unjustified prices of goods and services in the market despite the recent crash of the US dollar against the naira.

CNG, in a statement signed by its National Coordinator, Comrade Jamilu Aliyu Charanchi, views it as an exploitation of the Nigerian people and a blatant disregard for the economic realities of the country by unpatriotic business entities.

The CNG observed that naira has recorded a significant appreciation against the US dollar, with the exchange rate currently between N900 – N1,000 to a dollar, down from N1,900 to a dollar in recent months. Regrettably, businesses have maintained their fleecing of Nigerians by refusing to adjust the prices to reflect the current market reality despite the recent appreciable gain by naira.

The group strongly condemned this unpatriotic act by businesses, which is causing untold hardship to Nigerians, particularly the vulnerable and low-income earners; describing it as totally unacceptable.

The CNG called on the Federal Government to devise means to ensure that businesses comply with the current exchange rate and adjust their prices accordingly for the benefit of Nigerians.

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On this note, the CNG wishes to commend the efforts of the National Security Adviser (NSA), the Central Bank of Nigeria (CBN), and other relevant agencies for their efforts to stabilize the naira. The CNG notes that the recent measures taken by the NSA and CBN to strengthen the naira have been successful, leading to a significant reduction in the dollar exchange rate.

The CNG, therefore, calls for sustainability of the measures to ensure stability of the naira that would culminate in stronger naira of below N500 to a dollar in the nearest future.

Furthermore, the CNG reiterated its call on President Bola Tinubu to wholly support Office of the NSA and the CBN to decisively deal with any economic saboteurs who are try to derail the successes recorded for their selfish end to the detriment of Nigerians.

In the same vein, the CNG warmly welcomes Dangote’s diesel price adjustment that slashed about 60% to reflect current rebound value of naira, describing it commendable gesture that is worthy of emulation by other businesses in Nigeria.

Thus, the CNG appeals to the government to consider selling crude oil to the Dangote Refinery and any other interested local refiner in naira as doing so would make fuel more affordable to Nigerians thereby breaking away from dollar-dependent value.

The CNG believes that selling crude oil to the Dangote Refinery in naira will not only help reduce price of fuel in the country but will also be immensely beneficial to the Nigeria economy as a practical solution that will have a positive impact on the lives of millions of Nigerians.