CBN Reacts As Fear Grips Investors In Nigeria

 

The Central Bank of Nigeria (CBN) has calmed investors in Nigeria, assuring them of the security of their investments amid the dwindling revenue from the sale of crude oil globally.

 

The CBN Governor, Godwin Emefiele, while speaking on Sunday, in a statement through the Director of Corporate Communications Department, Isaac Okoroafor said that investors interested in repatriating their funds from Nigeria were guaranteed to get their money despite the current situation.

 

Noting that the apex bank had put in place policies to ensure an orderly exit, Emefiele urged investors to be patient as repatriations were being processed.

 

He said any delay was due to the Bank’s policy of orderly exit of investments, recalling a similar period in 2015 when oil revenue declined.

 

Recall that banks have been witnessing dollar scarcity since the outbreak of coronavirus.

 

Emefiele, however, announced collaboration with the Federal Ministry of Industry, Trade and Investment, on boosting the manufacturing sector of the economy.

 

He disclosed that CBN recently met with banks and manufacturers to seek ways to address the effects and ways out of the COVID-19 economic shocks.

 

Emefiele declared that Nigeria must diversify its economic base and produce more of what is consumed in the country.