Economy of Nigeria doing well

Timothy Choji, Abuja

The Governor of Nigeria’s Central Bank, CBN, says the economy is doing well at the moment.

Mr Godwin Emefiele therefore assured the citizens that the CBN would continue to play its role adequately, especially regarding the management of foreign exchange, to further stabilise the economy.

Mr Emefiele said this while speaking to Journalists, after he met behind closed doors with President Muhammadu Buhari at the Presidential Villa.

Economy improving factors
According to the Central Bank Governor, recent increase in oil production and the rise in the price of crude oil are contributory factors to the improvement in Nigeria’s economy.

“Given what we have right now, the fact that revenues are looking good, the economy is doing well and I believe that we are going to pull out of the problem in due course. At this time we’ve seen production and export of crude increasing. We’ve seen also the price of crude increasing between $50 to 55 to 56 per barrel. All these have helped improve our revenue position and have also provided some ammunition for the CBN to defend the naira,” he explained.

Foreign exchange need
He assured Nigerians seeking foreign exchange that their needs would be sufficiently met by the CBN.

“Our responsibility as the Central Bank of Nigeria is to do what we are doing at the moment, helping Nigerians or importers who need foreign exchange to conduct businesses. Given the fact that we are able to increase our FX revenues, the natural thing to do is to make the foreign exchange available to those who need it to carry out legitimate businesses,” the CBN Governor said.

Mr Emefiele said President Buhari was happy with the performance of the Central Bank, especially in the area of protecting the value of the naira.

He stressed that the bank was not doing anything special to stabilise the naira and economy rather it was only carrying out its legitimate duty.

Mercy Chukwudiebere