Dangote Petroleum Refinery has announced a temporary halt on the sale of petroleum products in naira, citing the need to align its sales proceeds with crude oil purchase obligations, which are denominated in U.S. dollars.

In a notice to petroleum marketers on Wednesday, the company explained that it has been selling products in naira despite receiving crude oil largely priced in dollars. This imbalance necessitated the temporary shift in sales currency.

“To date, our sales of petroleum products in Naira have exceeded the value of Naira-denominated crude we have received. As a result, we must temporarily adjust our sales currency to align with our crude procurement currency,” the statement read.

The refinery also dismissed rumors of ticketing fraud disrupting its operations, describing such claims as “malicious falsehoods.”

Dangote Refinery assured the public of its commitment to serving the Nigerian market and stated that sales in naira would resume once it receives an allocation of naira-denominated crude from the Nigerian National Petroleum Company (NNPC).