FOREX repatriation : Emefiele assures investors

The Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has assured investors of the security of their investments in the country despite dwindling revenue from the sale of crude oil globally. Speaking at the weekend in Abuja, Mr. Emefiele said investors interested in repatriating their funds from the country were guaranteed to get their money, notwithstanding the drop in the revenue from crude oil. He noted that the Bank had put in place policies to ensure an orderly exit for those that might be interested in doing so.

He, however, urged investors to be patient as such repatriations are processed, owing to the Bank’s policy of orderly exit of investments. Recalling a similar situation that occurred in 2015 over declining revenue, Emefiele said that the CBN was able to settle all commitments in an orderly manner. According to the Governor, the foreign exchange available would be devoted to strategic importation or service obligations that are priority. Speaking on the plans of the Bank in tackling the economic impact of the COVID-19, he said the CBN, in collaboration with the Federal Ministry of Industry, Trade and Investment, was committed to galvanising the manufacturing sector in a bid to reset the economy.

While disclosing that the CBN had met with the banks, manufacturers in the health sector and the larger manufacturing group, he said the challenge posed by the pandemic necessitated that, as leaders, the fiscal and monetary authorities must work together to moderate the health and economic impact of the COVID-19. Emefiele said the COVID-19 presented Nigeria with an opportunity to reset the economy and as such there was need for the country to prepare itself to get the manufacturing sector to work, while the banking sector supports the economy. With the revenue drop from crude, the CBN Governor said Nigeria had no choice but to diversify its economic base. He said the time had come for Nigerians to produce what can be produced in the country and consume what is produced in the country.