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Nigeria will be out of recession by June, says Emefiele

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8 years ago

April 26, 2017

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Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has assured Nigerians that the country would get out of economic recession latest by the end of June this year.

Emefiele gave the assurance at the National Assembly Complex on Tuesday while fielding questions from journalists after a closed-door meeting with the leadership of the Senate.

He said one of the indicators was the downward trend in the parallel market as regards the value of Naira against the dollar which has appreciated from as higher as N525 per dollar to between N370 to N380.

Other indicators according to him are the already confirmed reduction in the rate of inflation by the National Bureau of Statistics (NBS).

He said that the CBN had been involved in some form of intensive interventions in the foreign exchange market and this has fortunately resulted in a downward trend in the parallel market price of foreign exchange from as higher as N525 to as low as N370.

“I think it’s an opportunity for me to say that we are going to continue this intervention because the reserve looks very good.

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“As I speak to you our reserve stands at above 31 billion dollars and that provides us enough of firepower or ammunition to be able to defend the currency and we will do so with all intensity to ensure that foreign exchange is procured by everybody.

“We have started to see a downward trend even in prices of goods and commodities and you have also must have observed that inflation is also trending downward as confirmed by NBS.

“We are very much optimistic that by the end of the second quarter very latest third quarter this year, we should be out of recession that we are in right now”.

The CBN boss added that the downward trend in the parallel market in favour of the Naira would be sustained by the CBN through its needed interventions and in particular, through the policy of willing buyer and willing seller basis.