The Central bank of Nigeria has been confirmed to have enough reserved forex to be used for transactions. The Governor of the CBN, Godwin Emefiele has told investors not to worry over the security of their investments upon the highly decreasing sales of crude oil globally.
Godwin said the Central Bank of Nigeria has put in place some policies to guide investors who want to exit but however, they will be patient as it will take a process in order for them to have a simple exit of investments. The Governor also added that the CBN was able to settle all investors back then in 2015 when a similar situation had occurred.
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“investors interested in repatriating their funds from the country were guaranteed to get their money, notwithstanding the drop in the revenue from crude oil.”
Mr. Godwin also shared more light on reviving the Economy back to normal and more. He said the reserved forex/foreign exchanged will be used for strategic importation and on the part of the POST COVID-19 effect, it was said that the CBN had met with banks, ministry of industry, trade, and investment to further commit to reviving the economy through the manufacturing industry.
He also added that financial institutions must come together to contain the economic impact of the pandemic after it’s all over.
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Mr. Godwin said the pandemic is an opportunity to revive the economy of Nigeria and so, therefore, the manufacturing sector should work with financial institutions to reset the economy as it was needed even before the pandemic.
He concluded that it is time for Nigerians to start getting creative and producing things that can be made in the country and start consuming what is made in the country in order to diversify the economy as the price of crude oil has dropped.