Holders of refining licences in Nigeria can buy domestic crude oil in naira.

This information is contained in the Petroleum Industry Bill passed by the National Assembly.

Companies holding refining licences in Nigeria are; Dangote Oil Refinery Company, Waltersmith Refining & Petrochemical Company Limited, OPAC Refineries, Niger Delta Petroleum Resources, BUA Refinery & Petrochemicals and Edo Refinery and Petrochemical Company Limited.

The Senate Joint Committee on Downstream Petroleum Sector; Petroleum Resources (Upstream); and Gas said “Since refiners themselves may only be paid in naira for deliveries to the domestic market, it may be onerous to require US dollar payments.”

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