CBN to provide N75bn financing boost to Dangote oil refinery

CBN asks importers to trade with yuan instead of dollar 
CBN Governor, Godwin Emefiele. PHOTO CREDIT: DailyPost

The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, says the apex bank will provide N75 billion as financing to the 650,000 barrels a day Dangote oil refinery in Lagos.

Emefiele who announced this at a briefing on Tuesday in Abuja noted that Dangote has invested 50 percent as equity of the $9 billion needed for the refinery project which is expected to be complected next year.

He added that the balance would come as loans from local and foreign lenders.

Meanwhile, the Monetary Policy Committee of the CBN has retained the country’s Monetary Policy Rate at 14 percent.

The interest rate has remained unchanged for over a year.