The Nigerian Central Bank Governor, Mr. Godwin Emefiele, met with President Muhammadu Buhari at the Presidential Villa, Abuja on Thursday, May 4, 2017.
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What I discussed with the President – CBN Governor
This is a second briefing session held by the President Muhammadu Buhari this week, while he has failed to attend the weekly Federal Executive Meeting for three consecutive weeks now.
President Muhammadu Buhari and the CBN Governor, Mr. Godwin Emefiele
The Apex bank’s boss noted that the President Muhammadu Buhari expressed delight over the recent gains and stability of the country’s currency in the Forex market.
It would be called that the Central Bank of Nigeria (CBN) in February, 2017 started its forex market interventions aimed at closing the wide gap between the country’s official interbank and black market rates.
Mr. Emefiele revealed while speaking with State House correspondents after the meeting that he came to brief the President on the situation in the Forex market and other operational activities of the bank.
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“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 (CBN).”
“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 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.
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The CBN boss also re-enforced the bank’s commitment to sustain current interventions, while noting that the current stability in foreign exchange earnings from the crude oil sales is aiding this stance.
Naira during the week as maintain its movement in the parallel market, mainly due to increasing supply by the CBN. The Naira at the black market opened the week on Tuesday, May 2, 2017 with N390/$1, and has continue rover between N385/$1 and N390/$1 till close of business on Thursday, May 4, 2017.
President Buhari also earlier in the week had a separate briefing session with Mr. Abubakar Malami, Attorney-General of the Federation (AGF), and Dr. Maikanti Baru, Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC).
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