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TINUBU’S VISIT: Saudi Arabia pledges to support CBN with FX, revamp Nigeria's refinery

President Bola Ahmed Tinubu’s visit to the Kingdom of Saudi Arabia at the Saudi-Africa Summit in Riyadh may have been yielding already as the Kingdom has pledged to help Nigeria in resolving some of her economic quagmires. The government of Saudi Arabia promised to support the reforms being implemented by the Central Bank of Nigeria and also revamp Nigeria’s existing refineries through its state-owned oil company, Aramco during a bilateral engagement between President Tinubu and the Kingdom’s leader, Crown Prince, HRH Mohammed Bin Salman. This was disclosed in a statement signed by the Minister of Information and National Orientation, Muhammed Idris.   It stated, “To support the Central Bank’s ongoing reforms of Nigeria’s foreign exchange regime, the Saudi Government will make available a substantial deposit of foreign exchange to boost Nigeria’s forex liquidity.”  “Prince Bin Salman commended the economic reforms being implemented by President Tinubu and expressed the co...