Nigeria to be out of recession by third quarter of the year — CBN governor

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[Abuja]–The Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele, with the various economic policies put in place by the Nigerian government, the country should be out of recession by the third quarter of the year.

He made this known after meeting with the leadership of the Senate in Abuja on Tuesday.

He mentioned that the interventions of the apex bank so far had been yielding positive results, adding that the CBN would continue with its intervention in the foreign exchange market.

Speaking to journalists after the meeting with the Senate members, the CBN governor said discussions were held between the apex bank and the legislature on the current state of the economy, adding that the Senate President invited the Central Bank to provide updates on the foreign exchange markets.

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

“You would have observed that in the last two months, the central bank has been involved in some form of intensive intervention in the foreign exchange market and this has fortunately resulted in a downward trend in the parallel market price of foreign exchange , from as high as N 525 to a dollar to as low as N 370.

“Right now, it hovers between N370 and N380. I think it’s an opportunity for me to say that we are going to continue this intervention because the reserves look very good.

“As I speak to you, our (external ) reserves stand at above $31 billion 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”, he said.

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