After years of advocacy, the Federal Executive Council (FEC) has finally embraced a concept that many experts have long championed: empowering the Naira.
On Wednesday, the Ministry of Finance announced that the FEC has directed the full implementation of the Naira-for-Crude policy. This move sends a clear message to local refiners: “If you want Nigeria’s crude, you’ll pay in Naira.” This marks the end of the half-hearted arrangements that allowed the Naira to be treated as inferior within its own borders. What was once a trial phase is now official policy.
If there’s one individual who has every reason to feel vindicated by this shift, it’s Senator Ned Munir Nwoko from Delta North.
Long before this policy, Senator Nwoko tirelessly advocated for a structural demand for the Naira. His argument was straightforward: the Naira cannot gain strength if it’s not prioritized in Nigeria’s economy. This includes paying wages, signing contracts, and — importantly — selling crude in Naira.
Initially, many dismissed Nwoko’s stance as impractical. Critics pointed to the global dominance of the dollar and the perceived weakness of the Naira. However, Nwoko consistently argued that the Naira would never regain strength if it continued to be sidelined in favour of foreign currencies. He even proposed a bill to ban the use of foreign currencies in domestic transactions, a bold but necessary measure. His position was simple: as long as Nigerians continued to accept rent in dollars and pay expatriates in pounds, the Naira would always be relegated to a secondary status.
This FEC directive now serves as a testament to Nwoko’s foresight and perseverance.
The Naira-for-Crude policy, especially if fully enforced, could prove to be a game-changer. For example, if refineries like Dangote’s must purchase crude in Naira, it will directly create demand for the local currency. Increased demand could, in turn, drive up its value. If this approach is replicated across various sectors, Nigeria could build a currency that commands respect on the global stage.
At its core, this policy represents a step toward economic dignity. Nigeria is one of the few countries where foreign currencies are treated as superior even within its own borders. What does that say about our national self-confidence? Senator Nwoko has been questioning this for months, and it seems that the government is beginning to listen.
Of course, the real challenge will be in execution, and history has shown that policies can sometimes falter. However, the tone has shifted. What was once an experiment is now official national policy.
Credit is due where it’s deserved. Senator Nwoko has led the charge for a “Naira-first” approach. His advocacy has been met with criticism and resistance, but this FEC decision proves that persistent efforts can lead to tangible change. Perhaps, just perhaps, Nigeria is beginning to take serious steps toward economic independence.
As Senator Nwoko often says, “It’s not about rejecting the dollar. It’s about respecting the Naira.”
