Global oil crisis will not affect investment of foreigners, says CBN

Governor of the Central Bank of Nigeria, Godwin Emefiele, has said the global oil crisis, which had triggered a considerable slump in crude prices, would not have adverse impact on the investment of foreigners in the country.

He gave the assurance in a statement on Sunday, adding that foreign investors in Nigeria, interested in transferring their funds abroad, will not face hurdles in doing so despite the current economic condition.

The central bank had, according to him, deployed measures that will facilitate easy transfer of funds by investors willing to do so.

“The foreign exchange available would be devoted to strategic importation or service obligations that are the priority.

“The CBN, in collaboration with the Federal Ministry of Industry, Trade and Investment, is committed to galvanising the manufacturing sector in a bid to reset the economy,” Mr Emefiele said.

He cited the CBN intervention in a similar situation in 2015 around the time of the recession when the apex bank was able to meet its financial obligations to foreign investors.

The CBN plans to commit a substantial part of its foreign exchange to strategic importation and service obligations of topmost importance.

Emefiele affirmed the significance of collaboration between fiscal and monetary authorities to curtail the health and economic effects of the coronavirus pandemic, saying the CBN was working in synergy with banks, health sector manufacturers and other manufacturing groups to achieve this purpose.