₦airaland Forum

The Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, has said that with the current efforts by the Federal Government to revive the country’s economy, the country should be out of recession by the third quarter of this year.
Emefiele also said the CBN would continue with its intervention in the foreign exchange market, adding that efforts by the apex bank so far had been yielding positive results.
He added that the country had started to see a downward trend in the prices of commodities, indicating a reduction in the rate of inflation.
“We are very much optimistic that by the end of the second quarter, or latest the third quarter, we should be out of recession that we are in right now,” he said.
The CBN governor said these after meeting with the leadership of the Senate in Abuja on Tuesday.
In attendance at the closed door meeting were the President of the Senate, Bukola Saraki; and Chairman, Senate Committee on Banking, Insurance and Other Financial Institutions, Rafiu Ibrahim.
Emefiele, while briefing journalists after the meeting, said discussions were held between the apex bank and the legislature on the current state of the economy.
He said, “Actually, the Senate President invited us to come and brief the Senate leadership in a closed session and to provide some updates on the foreign exchange markets. You would have observed that in the last two months, the central bank has been involved in some form of intensive intervention in the foreign exchange market and this has fortunately resulted in a downward trend in the parallel market price of foreign exchange, from as high as N525 to a dollar to as low as N370.
“Right now, it hovers between N370 and N380. I think it’s an opportunity for me to say that we are going to continue this intervention because the reserves look very good. As I speak to you, our (external) reserves stand at above $31bn 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.
“If you want to import raw materials, you will get foreign exchange; you want to import plant and equipment, you will get foreign exchange; you want to pay school fees or you are a small business that wants to buy foreign exchange for you to import your small items, you will procure foreign exchange.”
Emefiele recalled that the CBN had last week announced a policy to encourage foreign investors in the country’s forex market.
He said, “It is the market or window that is opened for them to bring in their foreign exchange and come into the market on what we call a willing-buyer, willing-seller basis, in which case there will be no form of any price intervention by anybody, including the Central Bank of Nigeria.
“Indeed, with the kind of firepower that we have, we are also going to play in that market to ensure that as the prices move on based on the managed float regime that we run, we should be able to control the price based on the willing-buyer, willing-seller basis.”
In his remarks, Ibrahim said the meeting was part of the engagements between the legislature and the executive.
He stated, “As usual, the leadership of the Senate is always engaging the most important sectors of our economy. So, we had a discussion with the Senate President and the (CBN) governor and they were briefed just like he (Emefiele) has given you an overview of the briefing.
“We have proffered more solutions, which will result in more policy directions very soon, because the major reason is for us to attract foreign direct investments so that the watchers, that is, the reserves, and the monetary aspect of the economy will be intact and the intervention will be sustainable.
“So, we are happy with what they (CBN) are doing and we have been able to proffer more solutions as usual and more suggestions. We are hopeful that by the grace of God, we will be able to sustain working together.”

Cc: lalasticlala mynd44

SOIRCE: http://www.trendcabal.com/2017/04/nigeria-will-be-out-of-recession-by.html?m=1

Let's watch and see

The prices of commodities still not looking good... FG should build more manufacturing industries and refineries, because as long as this country still depends on oil products alone, it'll be difficult to sustain the currency... Nice move though...

And If this country must bounce back, then also provide uninterrupted power supply...

God will crown your effort.

I know some people won't believe this. We are quick to believe that we were into recession but we find it hard to believe that we are on our way out.

Really?

Smellymouth:
Really?

lol

AMEN

When is the price of commodities coming down too?

Na wetin we day hear since buhari enter

Their third quarter will soon turn to next year

GoodBehave:
SCAM

iPods with scam and propaganda

omobacyprus:
Their third quarter will soon turn to next year

but even within the first quarter, world bank has already said, we are out of recession, what we are doing now is just a finishing touch to be completely out of recession, which will be in this second quarter.

Jesusloveyou:
but even within the first quarter, world bank has already said, we are out of recession, what we are doing now is just a finishing touch to be completely out of recession, which will be in this second quarter.

Until prices of commodities start coming down before I'll believe that

omobacyprus:
Until prices of commodities start coming down before I'll believe that

everything has come down like rice and oil, except garri,

liars since wen una don dey talk am

989900:
Read to assimilate.

oya come and teach me na Oga quoter

It should be left for Nigerians to authenticate if truly Nigeria is out of recession come September... Not when a basket of garri remains 1200 or a half bag of rice 11k....

Meanwhile oil price is dropping. Except FG and CBN can show us statistics/data that our non oil export has increased

Then why telling us initially that we are out of recession fully when we are still in d half .......God help this gvt ooo