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Business News of Monday, 11 May 2020

Source: www.mynigeria.com

CBN promises to refund investors money despite crude oil glut

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The Central Bank has vowed to return investors money to the last penny despite the current crude oil glut that has forced oil-producing nations to beg buyers to take it off their hand.

Recall that US oil prices recently went negative and Nigeria is still adjusting to the drop in oil prices which has affected the country's revenue.

Nevertheless, hope is returning gradually as Nigerian headline crude, Bonny light, sold for $23.24 per barrel on Tuesday, May 5, 2020, compared to the $18.94 per barrel which it sold for the previous day, as reported by Nairametrics.

Still, the CBN has put in place policies to ensure an orderly exit for investors that might be interested in doing so.

While this decision may come off as a crazy, it might also be a poly by Emefiele, Nigeria Central Bank's Chief to keep investors since Nigeria's crude is suddenly gaining top spot in global demand.