Olufemi Adewole expresses concerns regarding Nigeria’s shift to a Naira-for-crude oil transaction framework, fearing it may destabilize the foreign exchange market and adversely affect foreign direct investment.

He cautions that deviating from the traditional reliance on the U.S. Dollar may lead Nigeria to become isolated from global markets, reducing trade opportunities and investment inflows.

Adewole also links using the Naira for oil sales with increased inflation and stability issues, urging that policies must align with the oil sector’s realities to maintain competitiveness.