The Central Bank of Nigeria, CBN has assured investors of the security of their investments in the country despite dwindling revenue from the sale of crude oil globally.
CBN Governor, Godwin Emefiele who said this in Abuja, the nation’s capital added that investors interested in repatriating their funds from the country were guaranteed to get their money, notwithstanding the drop in the revenue from crude oil noting that the Bank had put in place policies to ensure an orderly exit for those that might be interested in doing so.
He urged investors to however be patient as such repatriations are processed, owing to the Bank’s policy of orderly exit of investments.
Emefiele while recalling a similar situation that occurred in 2015 over declining revenue said that the CBN was able to settle all commitments in an orderly manner.
The foreign exchange available the Governor said would be devoted to strategic importion or service obligations that are priority.
On the plans of the Bank in tackling the economic impact of the Covid-19 pandemic, the CBN is to collaborate with the Federal Ministry of Industry, Trade and Investment to galvanise the manufacturing sector in a bid to reset the economy.
Emefiele said that the apex bank had met with commercial banks and manufacturers in the health sector and the larger manufacturing group on challenges posed by the pandemic and as leaders, the fiscal and monetary authorities must work together to moderate the health and economic impact of the Covid-19.
The need for the country to prepare itself to get the manufacturing sector to work and harness the opportunity from the pandemic is said to be crucial while the banking sector supports the economy.
Nigerians were also encouraged to manufacture what can be produced in the country and consume locally made products
(Editor: Terverr Tyav)
