Emefiele briefs Buhari on forex market stability

The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has briefed President Muhammadu Buhari on the stability in the Foreign Exchange market and other activities of the apex bank.

Emefiele, who spoke to State House correspondents after a closed-door meeting with the President in the Presidential Villa, Abuja, on Thursday, said Buhari was delighted over the stability in the forex market.

The News Agency of Nigeria (NAN) reports that financial experts recently confirmed that the policies of the CBN has improved dollar liquidity in the foreign exchange market.

According to the CBN boss, the parallel market is currently stabilising at between N380 and N385 to a dollar.

“Basically as it is 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 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.

“I am saying the parallel market which currently stabilises at between N380 and N385,’’ he said.

Cue out audio – Emefiele

Emefiele said the increase in crude oil production and export were the major factors responsible for the stability in the forex market.

He added that the crude oil prices which have been oscillating between 50 and 56 dollars per barrel also helped in boosting the nation’s revenue position.

He said: “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.’’

The CBN boss reassured that the apex bank would continue to make the foreign exchange available to those in need to enable them to import or to carry out eligible transactions.