Nigeria Will Be Out Of Recession End Of September – CBN

Nigeria


Abuja – All things being equal, Nigeria will finally be out of its current economic recession by end of September this year.
The assurances were given by Godwin Emefiele, governor, Central Bank of Nigeria (CBN), at the Senate on Tuesday.
Emefiele was at the Senate on the invitation of the upper legislative chambers’ leadership to provide insight into happenings in the foreign exchange market.
Emefiele in a chat with newsmen at the end of a closed-door session with the Senate president and some members of the Senate Committee on Banking, Insurance and other Financial Institutions, said further that the government is prepared to continue the intervention in the foreign exchange market because the work done so far has achieved remarkable results.
He also said that the nation’s external reserves which, he disclosed, stand at over $31 billion is strong enough to sustain the programme.
“Actually, the Senate president invited us to come and brief the Senate in a closed door session and the leadership about providing some updates about the foreign exchange markets.
“You will all have observed that in the last two months, the central bank has been involved in some form of intensive intervention in the foreign exchange market and this has fortunately resulted in a downward trend in the parallel market price of foreign exchange from as high as N525 to as low as N370. Right now it hovers between N370 and N380.

POSTED BY:OPUOMONI PRIYE
DATE:04/26/2017

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