Nigerian Oil Marketers Denounce Oil De-Dollarization Policy

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Is Nigeria’s Naira the New Oil? Spoiler: It’s Not! 💸

Oh, darling, gather ’round! Olufemi Adewole, the illustrious Executive Secretary of DAPPMAN, has donned his finest warning hat. He’s practically clutching his pearls over Nigeria’s audacious Naira-for-crude oil transaction scheme. Can you imagine? A recipe for economic chaos, if ever there was one! 💁‍♂️

Our dear Olufemi warns that this little escapade could send the foreign exchange (FX) market into a tizzy, scare off foreign direct investment (FDI), and, heaven forbid, worsen our already delightful economic challenges. The Naira, bless its heart, is as stable as a tightrope walker on a windy day, and let’s face it, crude oil transactions have always had a rather romantic affair with the U.S. dollar. It’s the kind of stability one dreams of, not the kind you find in a Nigerian soap opera! 🎭

He cautions that straying from international standards might just isolate Nigeria from the global marketplace, like a wallflower at a ball, missing all the fun. Trade opportunities? Poof! Investment inflows? Gone with the wind! And tying crude oil transactions to the Naira? Oh, darling, that’s just asking for inflation, exchange rate instability, and capital flight to waltz right in and throw a party! 🥳

While some bright sparks argue that this policy could enhance our economic sovereignty, Adewole, with a raised eyebrow, insists on the need for sustainable policies that actually make sense in the oil and gas sector. After all, we wouldn’t want to be the laughingstock of the global economy, now would we? Cheers to national competitiveness and economic stability, my dears! 🥂

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2025-03-26 17:57