Economy

Forex repatriation: Emefiele assures investors in spite dwindling oil prices

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Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, has assured investors of the security of their investments in the country in spite dwindling revenue from the sale of crude oil globally.

The CBN’s Director, Corporate Communications Department, Mr Isaac Okorafor, in a statement on Sunday, said Emefiele gave the assurance in Abuja.

The apex bank governor said 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 noted that the bank had put in place policies to ensure an orderly exit for those that might be interested in doing so.

Emefiele, however, urged investors to be patient as such repatriations were being processed, owing to the Bank’s policy of orderly exit of investments.

Recalling a similar situation that occurred in 2015 over declining revenue, the governor said that the CBN was able to settle all commitments in an orderly manner.

According to him, the foreign exchange available will be devoted to strategic importation or service obligations that are priority.

Meanwhile, Emefiele also stated the CBN, in collaboration with the Federal Ministry of Industry, Trade and Investment, was committed to galvanizing the manufacturing sector in a bid to reset the economy.

He disclosed that CBN had met with the banks, manufacturers in the health sector and the larger manufacturing group to address the challenge posed by the pandemic.

He noted that as leaders, the fiscal and monetary authorities must work together to moderate the health and economic impact of the COVID-19.

Emefiele 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.

The governor added that with the revenue drop from crude, Nigeria had no choice but to diversify its economic base, adding that the time had come for Nigerians to produce what could be produced and consume what is produced in the country.

Edited By: Wale Ojetimi (NAN)

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Mustapha Sumaila

Mustapha Sumaila: NNN is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. We are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and we strive diligently to ascertain the truth in every news report. Contact: editor @ nnn.ng. Disclaimer.

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