We Have Enough FOREX, CBN Tells Investors

★★★★★★★★★★★★★★★★★★★★★
CLICK TO DOWNLOAD JETHITMUSIK MOBILE APP
★★★★★★★★★★★★★★★★★★★★★

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.

MUST READ:  PLEASE HELP! He Is No Longer Attracted To His Wife-To-Be

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.

MUST READ:  Burna Boy Set Drop New Album This Year (See Title & Release Date)

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 a need for the country to prepare itself to get the manufacturing sector to work, while the banking sector supports the economy.

MUST READ:  BBNaija: Erica Slams Lucy, Says She Is Very Annoying

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.

The post We Have Enough FOREX, CBN Tells Investors appeared first on Naijaloaded | Nigeria’s Most Visited Music & Entertainment Website.


Source: News update

jethitmusik

Next Post

DJ Cuppy Replies Hater Commenting On Her Father’s Wealth (Photo)

Mon May 11 , 2020
Post Views: 243 29 ★★★★★★★★★★★★★★★★★★★★★ CLICK TO DOWNLOAD JETHITMUSIK MOBILE APP ★★★★★★★★★★★★★★★★★★★★★ Popular Nigerian artist, DJ Cuppy, has reacted over an Internet troll’s comment about her father’s wealth. The artist, who got a comment from a social media user identified as ‘callmeapril_2024’ was not having it as she threw a […]
Copyright All right reserved Theme: Default Mag by ThemeInWP