Saturday, November 28

We Have Enough FOREX, CBN Tells Investors

The Governor of the Central Bank of Nigeria, Godwin Emefiele, has told investors not to panic, saying the CBN has enough foreign exchange to meet repatriation. He also assured them of the security of their investments in the country despite dwindling revenue from the sale of crude oil globally.

A statement on Sunday from the CBN quoted Emefiele as saying that “investors interested in repatriating their funds from the country were guaranteed to get their money, notwithstanding the drop in the revenue from crude oil.” He said the CBN had put in place policies to ensure an orderly exit for those that might be interested in doing so.

He, however, urged investors to be patient as such repatriations were processed owing to the CBN’s policy of orderly exit of investments. Recalling a similar situation that occurred in 2015 over declining revenue, Emefiele said the CBN was able to settle all commitments in an orderly manner.

He said the foreign exchange available would be devoted to strategic importation or service obligations that were priorities. On the plans of the apex bank to tackle the economic impact of the COVID-19, he said the CBN, in collaboration with the Ministry of Industry, Trade and Investment, was committed to galvanizing the manufacturing sector in a bid to reset the economy.

While disclosing that the CBN had met with the banks, manufacturers in the health sector and the larger manufacturing group, he said the challenge posed by the pandemic necessitated that the fiscal and monetary authorities must work together to moderate the health and economic impact of the COVID-19.

He said the COVID-19 presented Nigeria with an opportunity to reset the economy and as such, there was need for the country to prepare itself to get the manufacturing sector to work, while the banking sector supports the economy.

With the revenue drop from crude, Emefiele said Nigeria had no choice but to diversify its economic base.

According to him, the time has come for Nigerians to produce what can be produced in the country and consume what is produced in the country.

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