The balances in the oil market can change.

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The oil and natural gas-rich country of Nigeria on the African continent has reportedly started selling crude oil in its local currency.

In a written statement, Mohammed Manga, Director of Information and Public Relations at the Ministry of Finance, stated that the sale of crude oil in naira, the local currency, has begun in accordance with the directive of the Federal Executive Council (FEC). Manga noted that this strategic initiative is expected to create a lasting impact on the Nigerian economy, enhancing growth, stability, and self-sufficiency. He mentioned that the country continues to navigate the complexities of global markets, expressing that this strategic move positions Nigeria for future success. This anti-dollar step is considered a move that could end the dollar's dominance in the oil market.

37 BILLION BARREL OIL RESERVE

Nigeria's proven oil reserves are approximately 37 billion barrels, accounting for 3.1% of the world's reserves. Nigeria, which is among the top 15 countries in crude oil production, is the 8th country in the world with the largest oil reserves and ranks 6th in terms of oil exports.