The Central Bank of Nigeria, CBN, has assured foreign investors wishing to repatriate their funds from Nigeria that they can do so safely.
Speaking at the weekend, the Governor of CBN, Godwin Emefiele, said that they could get their money out of the country notwithstanding the drop in the revenue from crude oil.
Emefiele noted that the apex bank had put in place policies to ensure an orderly exit for those that might be interested in doing so.
He, however, urged the investors to be patient as such repatriations are processed, owing to the CBN’s policy of orderly exit of investments.
The Governor said the foreign exchange available would be devoted to strategic importation or service obligations that are a priority.
Emefiele said the CBN was able to settle all commitments in an orderly manner, while he recalled a similar situation that occurred in 2015 over declining revenue.
Also speaking on the plans of the Bank to tackle the economic impact of the COVID-19, he stated that the apex bank is working in partnership with the Federal Ministry of Industry, Trade and Investment, to stimulate the manufacturing sector and to reset the economy.
Emefiele, while saying that the CBN had met with the banks, manufacturers in the health sector and the larger manufacturing group, he described the challenge posed by COVID-19 as necessitating that as leaders, the fiscal and monetary authorities must work together to moderate the health and economic impact of COVID-19.
The CBN governor further disclosed that 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.
He explained that Nigeria had no choice but to diversify its economic base, following the drop in crude oil revenue.
He also added:
The time has come for Nigerians to produce what can be produced in the country and consume what is produced in the country.