Nigeria will be out of recession by June 2017 - CBN Gov

Emefiele gave the assurance at the National Assembly Complex on Tuesday while fielding questions from journalists after a closed-door meeting with the leadership of the Senate.

Nigeria's central bank Governor Godwin Emefiele speaks during the monthly Monetary Policy Committee meeting in Abuja, Nigeria.

This, according to him, is based on emerging positive economic indicators to that effect.

He said one of the indicators was the downward trend in the parallel market as regards the value of Naira against the dollar which has appreciated from as higher as N525 per dollar to between N370 to N380.

Other indicators according to him are the already confirmed reduction in the rate of inflation by the National Bureau of Statistics (NBS).

He said that the CBN had been involved in some form of intensive interventions in the foreign exchange market and this has fortunately resulted in a downward trend in the parallel market price of foreign exchange from as higher as N525 to as low as N370.

“I think it’s an opportunity for me to say that we are going to continue this intervention because the reserve looks very good. As I speak to you our reserve stands at above 31 billion dollars and that provides us enough of firepower or ammunition to be able to defend the currency and we will do so with all intensity to ensure that foreign exchange is procured by everybody.

“We have started to see a downward trend even in prices of goods and commodities and you have also must have observed that inflation is also trending downward as confirmed by NBS.

“We are very much optimistic that by the end of the second quarter very latest third quarter this year, we should be out of recession that we are in right now”.

He assured that the downward trend in the parallel market in favour of the Naira  would be sustained by the CBN through its needed interventions and in particular, through the policy of willing buyer and willing seller basis.

“I think what is important is that last week we brought out an announcement which is meant to encourage our foreign investor community to get involved as well in the foreign exchange market.

“It is the market or window that is opened for them to inflow their foreign exchange and come into the market on what we called a willing buyer, willing seller basis in which case there will be no form of any price intervention by anybody and indeed even including the Central Bank,” he said.

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