Buhari commends CBN Governor over forex market stability

Mr. Godwin Emefiele
Central Bank of Nigeria (CBN) Governor:

Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele on Thursday, revealed that President Muhammadu Buhari is satisfied with the stability in the foreign exchange (FX) market, following the sustained intervention by the central bank.
Emefiele made this disclosure at the Presidential Villa, Abuja, while responding to questions from journalists after a closed-door meeting with the president.

The CBN boss who said the visit was one of his routine visits to the president to brief him on the state of the economy, added that Buhari was excited to hear the news on improving economic stability in the country, supported by the exchange rate of the naira which has stabilized at between N380 and N385/$ on the parallel market.

Emefiele said the price of crude oil in the international market which has been at $50 and $56 per barrel, has also helped in improving revenue generation and by extension fortified the nation’s currency.

Emefiele also said the economy has further been strengthened by the continuous injection of FX into the market by the central bank.

He said stable crude oil production and the attendant increase in the volume of oil exports, would help support growth of the Nigerian economy.

He also said the development has given signals of an imminent exit from the recession.

Emefiele also dismissed a news report that the CBN had lifted the ban on 41 items not eligible for accessing FX from the official market, following the release of a circular on Wednesday.