10
Oct
Nigeria will settle crude sales to Africa’s newest and biggest oil refinery using the local currency’s rate in its foreign-exchange market, dousing concerns that it would fix below-market naira levels for the transactions. The mega oil refinery owned by Nigerian billionaire Aliko Dangote will pay the local-currency equivalent of the prevailing international benchmark price of oil using the closing rate in the central bank’s Nafem window, a foreign-exchange trading portal for investors, exporters and end-users, three people familiar with the negotiations said. This is part of an agreement that started on Oct. 1 to supply the 650,000 barrels-a-day refinery with…