The Central Bank of Nigeria (CBN), has assured investors interested in repatriating their funds from Nigeria that they can do so safely.
CBN Governor Godwin Emefiele gave the assurance in Abuja over the weekend.
He guaranteed investors that they can get their money out of the country “not withstanding the drop in the revenue from crude oil.”
Emefiele noted that the apex 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.”
According to the Governor, the foreign exchange available would be devoted to strategic importion or service obligations that are priority.
Recalling a similar situation that occurred in 2015 over declining revenue, Emefiele said the CBN was able to settle all commitments in an orderly manner.
Speaking on the plans of the Bank to tackle 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 galvanizing the manufacturing sector to reset the economy.
He disclosed that the CBN had met with the banks, manufacturers in the health sector and the larger manufacturing group.
The challenge posed by the pandemic he said has 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 drop in revenue from crude oil sale, 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.”
