Forex stability excites Buhari- CBN Governor

Godwin Emefiele, Governor of Central Bank

The Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, on Thursday said President Muhammadu Buhari was excited at the current stability being witnessed in the foreign exchange market.

Emefiele told State House correspondents that Buhari was delighted to learn about the stability when he briefed the President of the status report of the apex bank in his office at the Presidential Villa.

He said the parallel market is currently trading at between N380 and N385 against $1.

He said, “Basically as it is expected, what we normally do is from time to time to brief the President about activities of the Central Bank of Nigeria particularly at this time as it relates to the efforts that the Central Bank is making to stabilise the forex market

“We briefed him regarding the activities so far and he was very delighted to hear that the market is stabilising at the level that it is right now and I am saying the parallel market currently stabilises at between N380 and N385.”

He connected the stability in the forex market to the increase in oil production which had, according to him, also led to increase in export of the commodity. The crude oil prices had been between $50 and $56 per barrel has increased the nation’s foreign earnings which is also defending the naira.

“Given what we have right now the fact that the revenues are looking good, the state of the economy is good and I believe that we are going to pull out of the problem in due course,” he assured Nigerians.

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