Godwin Emefiele, governor of the Central Bank of Nigeria
(CBN), has allayed fears relating to forex repatriation from the country.
Emefiele said investors have no cause to worry despite low
crude oil prices that have resulted in reduced forex earnings for the country.
A statement released on Sunday and signed by Isaac Okorafor,
CBN director of corporate communications, quoted the governor as saying the
bank has put in place policies to ensure an orderly exit for those that might
be interested in doing so.
Investors were, however, advised to be patient during the repatriation process owing to the bank’s policy of orderly exit of investments.
Citing a similar situation that occurred in 2015 when revenue
declined, the governor said that the CBN was able to settle all commitments in
an orderly manner.
According to him, the foreign exchange available will be
devoted to strategic importation or service obligations that are priority.
The CBN is also said to be working with the ministry of
industry, trade and investment on stimulating the manufacturing sector to reset
the economy.
He said CBN had met with the banks, manufacturers in the
health sector and the larger manufacturing group to address the challenge posed
by the pandemic.
He noted 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 a need for the country
to prepare itself to get the manufacturing sector to work, while the banking
sector supports the economy.
The governor added that with the revenue drop from crude,
Nigeria had no choice but to diversify its economic base, adding that the time
had come for Nigerians to produce what could be produced and consume what is
produced in the country.
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