CBN Governor Godwin Emefiele Visits President Buhari For Economic Briefing

Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, on Thursday visited President Muhammadu Buhari  At Aso Rock to brief him on the stability in the foreign exchange market and other developments in the economy.

Emefiele spoke to State House correspondents after a closed door meeting with the President in the Presidential Villa.

The CBN boss, said the visit was one of his routine visits to the president for a briefing on the state of the economy, he added that Buhari was excited to hear the news of a stabilizing economy with the exchange rate also being stable at N380 and N385/$ in the parallel market.

The CBN governor said the naira is currently stabilizing at between N380 and N385 to a dollar.

Emefiele said with stable crude oil production in recent times and attendant increase in the volume of oil export, the current state of the economy is good.

He also said the development had given signals of imminent exit from the current economic challenges.

He said:

 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.

Emefiele said the prices of oil in the international market which had been hovering between $55 and $56 per barrel had also helped in improving revenue generation and consequently fortified the nation’s currency.