The Central Bank of Nigeria (CBN), has assured investors
interested in repatriating their funds from Nigeria that they can
do so safely.
CBN Governor Godwin Emefiele gave the assurance in Abuja over
the weekend.
He guaranteed investors that they can get their money out of the
country “not withstanding the drop in the revenue from crude
oil.”
Emefiele noted that the apex bank “had put in place policies to
ensure an orderly exit for those that might be interested in doing
so.”
He, however, urged investors to be patient “as such
repatriations are processed, owing to the Bank’s policy of orderly
exit of investments.”
According to the Governor, the foreign exchange available would
be devoted to strategic importion or service obligations that are
priority.
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.
Speaking on the plans of the Bank to tackle the economic impact
of the COVID-19, he said the CBN, in collaboration with the Federal
Ministry of Industry, Trade and Investment, was committed to
galvanizing the manufacturing sector to reset the economy.
He disclosed that the CBN had met with the banks, manufacturers
in the health sector and the larger manufacturing group.
The challenge posed by the pandemic he said has necessitated
that, “as leaders, the fiscal and monetary authorities must work
together to moderate the health and economic impact of the
COVID-19.”
Emefiele said the COVID-19 presented Nigeria with an opportunity
“to reset the economy and as such there was need for the country to
prepare itself to get the manufacturing sector to work, while the
banking sector supports the economy.”
With the drop in revenue from crude oil sale, the CBN Governor
said Nigeria had no choice “but to diversify its economic
base.”
He said: “The time had come for Nigerians to produce what can be
produced in the country and consume what is produced in the
country.”
The Central Bank of Nigeria (CBN), has assured investors
interested in repatriating their funds from Nigeria that they can
do so safely.
CBN Governor Godwin Emefiele gave the assurance in Abuja over
the weekend.
He guaranteed investors that they can get their money out of the
country “not withstanding the drop in the revenue from crude
oil.”
Emefiele noted that the apex bank “had put in place policies to
ensure an orderly exit for those that might be interested in doing
so.”
He, however, urged investors to be patient “as such
repatriations are processed, owing to the Bank’s policy of orderly
exit of investments.”
According to the Governor, the foreign exchange available would
be devoted to strategic importion or service obligations that are
priority.
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.
Speaking on the plans of the Bank to tackle the economic impact
of the COVID-19, he said the CBN, in collaboration with the Federal
Ministry of Industry, Trade and Investment, was committed to
galvanizing the manufacturing sector to reset the economy.
He disclosed that the CBN had met with the banks, manufacturers
in the health sector and the larger manufacturing group.
The challenge posed by the pandemic he said has necessitated
that, “as leaders, the fiscal and monetary authorities must work
together to moderate the health and economic impact of the
COVID-19.”
Emefiele said the COVID-19 presented Nigeria with an opportunity
“to reset the economy and as such there was need for the country to
prepare itself to get the manufacturing sector to work, while the
banking sector supports the economy.”
With the drop in revenue from crude oil sale, the CBN Governor
said Nigeria had no choice “but to diversify its economic
base.”
He said: “The time had come for Nigerians to produce what can be
produced in the country and consume what is produced in the
country.”