FEC Endorses Naira-for-Crude Policy: Senator Nwoko’s vision gains ground” –
After years of advocacy and debate, the Federal Executive Council (FEC) has officially adopted a transformative policy aimed at strengthening Nigeria’s local currency: the Naira-for-Crude directive.
On Wednesday, the Ministry of Finance announced that all future crude oil transactions with local refiners must now be settled in Naira. This decision puts an end to previous hybrid arrangements that allowed payments in foreign currencies, signaling a firm commitment to restoring the dignity and value of the Naira in Nigeria’s economy.
Among those who have long championed this shift is Senator Ned Munir Nwoko of Delta North. For years, Senator Nwoko has consistently advocated for a “Naira-first” economic philosophy. His core argument has been that no currency can thrive unless it is given priority in its own domestic transactions — from wages and contracts to critical exports like crude oil.
Although many initially dismissed his ideas as unrealistic in a dollar-dominated global economy, Nwoko remained resolute. He even introduced legislation to prohibit the use of foreign currencies in local transactions, arguing that such practices undermined the status and strength of the Naira.
The new FEC directive now lends significant validation to his campaign.
If properly enforced, the policy could trigger a substantial increase in demand for the Naira, particularly among major players like the Dangote Refinery and other local operators. This could, in turn, help stabilize the currency and potentially enhance its value. Over time, a successful implementation could set a precedent for similar Naira-based reforms in other sectors.
At its heart, the directive is a bold step toward reclaiming economic sovereignty. In a country where foreign currencies often overshadow the local one — even within its own borders — this policy offers a chance to restore national confidence in the Naira.
Still, execution will be key. Nigeria’s policy landscape is littered with ambitious ideas that faltered at the implementation stage. Yet, the official embrace of this once-radical proposal signals a turning point. What began as a lone voice is now government policy.
Senator Nwoko’s persistence and principled stance deserve recognition. His vision for a Naira-first economy is no longer a fringe idea — it’s becoming national strategy. As he often reminds his critics, “It’s not about rejecting the dollar. It’s about respecting the Naira.”
“After years of advocacy and debate, the Federal Executive Council (FEC) has officially adopted a transformative policy aimed at strengthening Nigeria’s local currency: the Naira-for-Crude directive.
On Wednesday, the Ministry of Finance announced that all future crude oil transactions with local refiners must now be settled in Naira. This decision puts an end to previous hybrid arrangements that allowed payments in foreign currencies, signaling a firm commitment to restoring the dignity and value of the Naira in Nigeria’s economy.
Among those who have long championed this shift is Senator Ned Munir Nwoko of Delta North. For years, Senator Nwoko has consistently advocated for a “Naira-first” economic philosophy. His core argument has been that no currency can thrive unless it is given priority in its own domestic transactions — from wages and contracts to critical exports like crude oil.
Although many initially dismissed his ideas as unrealistic in a dollar-dominated global economy, Nwoko remained resolute. He even introduced legislation to prohibit the use of foreign currencies in local transactions, arguing that such practices undermined the status and strength of the Naira.
