The federal government says Nigeria has officially commenced the sale of crude oil and refined petroleum products in naira.

Wale Edun, minister of finance and coordinating minister of the economy, in a statement on Saturday, announced that in line with the federal executive council (FEC) directive, the sale of the products in naira commenced on October 1.

“Following a meeting of the Implementation Committee, Chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy to conduct a post-commencement review of the Crude Oil and Refined Products Sales in Naira initiative, the commencement of this strategic initiative was affirmed by key stakeholders,” he said.

“The meeting brought together prominent figures, including the Honourable Minister of State, Petroleum (Oil), the Special Adviser to the President on Revenue, the Special Adviser to the President on Energy, the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the representative of the Chairman of Dangote Group, the Vice President of Dangote Group, and the management of the Nigerian National Petroleum Company (NNPC), led by the Group Chief Executive Officer (GCEO), Chief Financial Officer (CFO), and Executive Vice President (Downstream).”

According to the statement, the strategic initiative and bold step taken by President Bola Tinubu-led administration is expected to have a lasting impact on Nigeria’s economy, enhancing growth, stability, and self-sufficiency.

The ministry said the country continues to navigate the complexities of global markets, and the strategic move positions Nigeria for success in the years to come.

On July 29, the FEC approved a proposal by Tinubu directing the NNPC to sell crude oil to Dangote Petroleum Refinery and other refineries in naira.

The federal government said the sale of crude oil to the Dangote refinery and other refineries in naira would commence on October 1.

On September 30, Eche Idoko, publicity secretary of Crude Oil Refinery-owners Association of Nigeria (CORAN), said the sale will start with refineries producing petrol.

Three days later, the Nigerian Ports Authority (NPA) said it had commenced implementation of the federal government directive to coordinate service provision from all stakeholders for the smooth sale of crude oil in naira to the Dangote refinery.

The Central Bank of Nigeria (CBN) says it sold a total of $543.5 million in the Nigerian foreign exchange market (NFEM) to authorised dealer banks in September.

In a statement signed by Omolara Duke, director of, financial markets department, on Friday, CBN said the foreign exchange (FX) was sold to the authorised dealers from September 6 to 30 in 11 dealing days.

“The Central Bank of Nigeria (CBN) sold a total of US$543.5 million (Five Hundred and Forty- Three Million, Five Hundred Thousand US Dollars Only) from September 06-30, 2024, to Authorized Dealer banks through two-way quotes at the Nigerian Foreign Exchange Market (NFEM) on 11 dealing days,” CBN said.

“The FX spot sales were to reduce observed market volatility driven by high demand for commodity importation and seasonal demand for FX. The value dates for all the transactions. were T+2.”

A breakdown summary of the sale shows that on September 6, $39,000,000 was sold at a range of N1,580-N1,605/$.

On September 9, $66,000,000 was sold at a range of N1,570-N1,585/$; on September 11, $77,000,000 was sold at a range of N1,540-N1,575/$; while on September 13, $46,000,000 was sold at a range of N1,540-N1,575/$.

Also, on September 18, $24,000,000 was sold at a range of N1,530-N1,540/$; on September 19, $28,000,000 was sold at a range of N1,540-N1,555/$; on September 20, $31,000,000 was sold at a range of N1,540/-N1,545/$; and on September 23, $17,500,000 was sold at N1,540/$.

More sales were made on September 26, with $80,000,000 sold at a range of N1,570-N1,580/$; on September 27, $79,000,000 was sold at a range of N1,530-N1,580/$; and on September 30, $56,000,000 was sold at the range of N1,540/S.

The apex bank said the information on the sale is to educate and provide guidance to the general public on the pricing of FX by taking a clue from the range of rates at which FX was sold by the CBN to authorised dealer banks.

CBN also said it will continue to facilitate the supply of FX into the NFEM as part of its holistic FX management strategy.

On August 11, the CBN said it sold foreign exchange (FX) to banks worth $876.26 million at N1,495 per dollar.

Two months ago, the apex bank sold foreign currencies worth $148 million in the NFEM to authorised dealer banks between July 22 and 23.

Zenith Bank on Thursday said it has made progress in its IT upgrade which disrupted its banking services for over 48 hours, adding that its customers can now transact across its various channels.

The bank announced this via a statement posted on its X handle.

Zenith also apologized to its customers over the disruption saying it was in a bid to serve them better.

According to the bank, its customers can now perform transactions through their debit cards, mobile app, internet banking, and through its agents nationwide.

The Zenith Bank’s statement suggests that the IT upgrade has yet to be completed as the bank only said it has made ‘significant progress’. The statement read in part:

“We sincerely apologize for the service disruptions you experienced recently on our banking channels. This was due to an Information Technology upgrade aimed at improving the quality of service we provide you. 

“We have made significant progress with the upgrade and you can now perform transactions conveniently. You can also visit any of our branches nationwide to perform your transactions.” 

Recall that Zenith Bank had on Tuesday, October 1, notified its customers of a routine maintenance that would cause service disruptions for a few hours.

However, contrary to the promise by the bank that transactions would resume after 2.30 pm on the same day, the customers could not have access to their funds for over 48 hours after.

The period, which also coincided with salary payments left many salary-earning customers of the bank stranded as they could not withdraw.

Meanwhile, earlier reports suggested that Zenith Bank was doing more than IT maintenance but migrating its core banking platform to a new one. The bank did not confirm nor deny the report.

Zenith Bank, which previously used Phoenix, a software developed by London-based Finastra, is reportedly migrating to Oracle’s Flexcube, a platform used by many other Nigerian banks.

For banks, switching their core banking software is a significant change that requires transferring large amounts of data and more rigorous action than regular IT maintenance.

Tier-1 Zenith Bank was one of the biggest earners from electronic transactions in half-year 2024, according to its financial results.

The bank generated N41.2 billion in half-year 2024, a remarkable 85.6% increase from the N22.2 billion it earned in H1 2023.

• For the period, the bank also upped its IT spending from N8.6 billion in the first half of 2023 to N23 billion in half-year 2024, representing a 167% increase.
• However, the recent disruption in services for days may see its electronic transactions revenue decline in Q4 2024.