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DANGOTE REFINERY HALTS FUEL SALES IN NAIRA, RAISING ECONOMIC CONCERNS
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WHAT HAPPENED?
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Africa’s largest refinery, Dangote Petroleum Refinery, has stopped selling fuel in Nigeria’s local currency due to challenges in purchasing crude oil with US dollars.
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WHY IS THIS IMPORTANT?
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The foreign exchange crisis is making it hard to sustain naira sales.
Dangote has been buying crude partly in naira, but supply isn’t enough.
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POSSIBLE CONSEQUENCES:
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Increased fuel prices and potential fuel scarcity.
More pressure on the naira-dollar exchange rate.
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