Royal Times of Nigeria.
  • News
    • Politics
    • World
  • Opinions
    • Editorial Opinion
    • Advertorial
  • Metro
  • Lifestyle
  • Foreign
  • Sports
  • Editorial Policy
TRENDING
Banks must accept old naira notes after 10...
Ukraine To Receive 120 – 140 Tanks In...
 Dozens Killed In Burkina Faso Militant Attacks
 Two Die, Four Rescued In Lagos Tanker Accident
Kwara  House of Assembly Service Commission Amendment Bill...
Kogi Assembly recalls four suspended members
 Niger APC Shuns Tinubu Campaign Rally In New...
INEC Commences Distribution Of Nonsensitive Material In Nasarawa
Lassa Fever: NCDC Confirms 37 Deaths In Three...
We’ve enough new naira notes for all, CBN...
Nigeria’s Public Debt Stock Increases To N44.06trn In...
Liverpool Plot Shock Transfer For Chelsea Midfield Star
Chelsea Reportedly Accept Arsenal Bid For Jorginho
Congo Tightens Security Ahead Of Pope Francis’ Visit
Kwara Police Arrest Suspected Cultist, Recovers Two Locally...

Royal Times of Nigeria.

Banner
  • News
    • Politics
    • World
  • Opinions
    • Editorial Opinion
    • Advertorial
  • Metro
  • Lifestyle
  • Foreign
  • Sports
  • Editorial Policy
Business & EconomyNews

Nigeria should be out of recession by third quarter – CBN Governor

written by Taiwo Adediran April 26, 2017

The Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele, has expressed strong assurance that, with the various economic policies put in place by the federal government, the country should be out of recession by the third quarter of the year.

The CBN Governor, who made this known after meeting with the leadership of the Senate in Abuja, also assured that the CBN would continue with its intervention in the foreign exchange market to sustain the positive results.

While noting that there had been gradual fall in the prices of commodities, indicating a reduction in the rate of inflation, Mr. Emefiele expressed optimism that the country should be out of recession by the end of the second quarter, or early third quarter.

Speaking on the meeting, the CBN governor said discussions were held between the apex bank and the legislature on the current state of the economy, and to provide 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 N 525 to a dollar to as low as N 370,” he said.

“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 $31 billion 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 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.”

Mr. Emefiele recalled that the Central Bank had last week announced a policy to encourage foreign investors in the country’ s foreign exchange market.

“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,” he said.

“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,” he added.

Join our twitter community :

Follow @royaltimesng
0 comment
0
Facebook Twitter Google + Pinterest
Taiwo Adediran

previous post
We will continue plans for census – NPC
next post
Five persons killed, 11 injured in suicide attacks in Maiduguri

You may also like

G20: Pope makes case for the poor, marginalised

July 7, 2017

Ahead of September 22nd Osun guber election,APC gets...

July 21, 2018

Suspected Al-Shabaab militants behead 3 in Kenya

August 18, 2017

Second wave: Schools will be shut if cases...

February 2, 2021

PDP summons Senator Elisha Abbo over assault allegation

July 3, 2019

“All is well” election commission assures Kenyans

August 9, 2017

Samia Suluhu becomes Tanzania’s first female president

March 18, 2021

450 patients benefit from Kwara govt free eye...

April 2, 2021

SERAP tells Ajimobi to repair Ayefele’s Fresh FM...

August 21, 2018

NEMA Receives Another 120 Nigerian Returnees From Libya

November 9, 2018

Leave a Comment Cancel Reply

Facebook

Editorial Opinion

  • 1

    2023 Elections: “Data Boys”, Need for Caution

    August 9, 2022
  • 2

    PARENTS CHARGED TO IMMUNIZE THEIR CHILDREN AGAINST DEADLY ROTAVIRUS

    August 27, 2022
  • Burna Boy to Release Mini Documentary for Single titled “Whiskey”

    December 7, 2022
  • Ruger releases long awaited song

    November 15, 2022
  • Vice President Osinbajo Dances, Sings Kizz Daniel’s ‘Buga’ At World Tourism Conference

    November 15, 2022
  • Davido Postpones Atlanta Festival Till 2023

    November 10, 2022
  • TIWA, REVISITS LEAKED VIDEO, SAYS TAPE CANNOT RUIN HER

    November 8, 2022
  • Chelsea Reportedly Accept Arsenal Bid For Jorginho

    January 31, 2023
  • Nigeria qualify for 2023 FIVB Volleyball Girls’ Under 19 World Championship

    January 31, 2023
  • Kwara United coaches given 2-matches ultimatum as team loses to Enyimba

    January 30, 2023
  • Kwara Government Set To Commission Modern Glass Squash Courts

    January 26, 2023
  • Linette To Face Sabalenka In Australian Open Semi-Finals

    January 25, 2023
  • Facebook
  • Twitter
  • News
    • Politics
    • World
  • Opinions
    • Editorial Opinion
    • Advertorial
  • Metro
  • Lifestyle
  • Foreign
  • Sports
  • Editorial Policy

@2017 -Royaltimes of Nigeria. All Right Reserved.

Posting....