CBN gov meets Buhari, says president happy with forex stability

Central Bank of Nigeria governor, Godwin Emefiele on Thursday said that President Muhammadu Buhari was delighted to hear that the forex market is now stabilising.

Emefiele, who briefed President Buhari over the instability in the country’s foreign exchange market which has continued to impact negatively the value of Naira, stated this to State House Correspondent immediately he came out from the presidential wing of the Villa where he had a closed door meeting with Buhari.

According to him, he was at the meeting to update the president on the efforts being made by the CBN to stabilise the local currency.

Emefiele, who disclosed that the economy now looks good with the rising price of crude oil, which according to him oscillate between $50 to $55 and $56 per barrel, added that the rise in crude oil prices at the international market was a boost to the stability of Naira.

He went further to say that the current value of the nation’s currency hovers between N380 and N385 in the parallel market.

“Basically, as it’s expected, what we normally do is from time to time to brief the President about activities about the Central Bank of Nigeria particularly at this time as it relates to the efforts that the central bank is doing to stabilize the Forex market.

“And we briefed him regarding the activities so far and he was very delighted to hear that the market is stabilizing at the level that it is right now and I am saying the parallel market which currently stabilizes at between N380 and N385.

Read also: CBN sanctions 12 banks for forex abuse

“There is no secret. It’s about the fact that at this time we have seen production of crude and increasing export of crude also. The fact that we have seen also crude prices oscillating to between $50 to $55 to $56. It has helped our revenue position and had also provided some ammunition for the Central Bank to defend the currency.

“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 said.

On whether the CBN will sustain its intervention by way of injecting more funds into the forex market, the CBN governor said, “Our responsibility as CBN is to do what we are doing at this time.

“Nigerians or importers, people who need foreign exchange to do businesses need these foreign exchanges to conduct businesses and given the fact that we are able to increase our EFEX revenues, the natural thing to do is to make the foreign exchange available to those who need them to import or to carry out eligible transactions.”

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