{"id":12586,"date":"2017-04-26T14:15:34","date_gmt":"2017-04-26T13:15:34","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=12586"},"modified":"2017-04-26T14:15:34","modified_gmt":"2017-04-26T13:15:34","slug":"we-should-be-out-of-recession-by-third-quarter-says-emefiele","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/we-should-be-out-of-recession-by-third-quarter-says-emefiele\/","title":{"rendered":"We should be out of recession by third quarter, says Emefiele"},"content":{"rendered":"

The governor of Central Bank of Nigeria (CBN), Godwin Emefiele, has said that, the country should be out of recession by the third quarter of 2017.<\/p>\n

Addressing the press after a meeting with the leadership of the senate in Abuja, Emefiele said the federal government had done a lot to revive the economy,<\/p>\n

He promised that the apex bank would continue with its intervention in the foreign exchange market.<\/p>\n

\u201cWe 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,\u201d he said.<\/p>\n

Addressing reporters at the end of the meeting, Emefiele said it was Senate President Bukola Saraki who asked CBN to update the upper legislative chamber on developments in the foreign exchange market.<\/p>\n

\u201cActually, the senate president invited us to come and brief the senate leadership in a closed session and to provide some updates on the foreign exchange markets,\u201d he said.<\/p>

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\u201cYou 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 N525 to a dollar to as low as N370.<\/p>\n

\u201cRight now, it hovers between N370 and N380. I think it\u2019s 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 reserves stand at above $31bn 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.<\/p>\n

\u201cIf you want to import raw materials, you will get foreign exchange; you want to import plant and equipment, you will get foreign exchange; you want to pay school fees or you are a small business that wants to buy foreign exchange for you to import your small items, you will procure foreign exchange.\u201d<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

The governor of Central Bank of Nigeria (CBN), Godwin Emefiele, has said that, the country should be out of recession by the third quarter of 2017. Addressing the press after a meeting with the leadership of the senate in Abuja, Emefiele said the federal government had done a lot to revive the economy, He promised …<\/p>\n","protected":false},"author":11,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[17],"tags":[1785],"coauthors":[2392,2393],"class_list":["post-12586","post","type-post","status-publish","format-standard","","category-news","tag-emefiele"],"yoast_head":"\nWe should be out of recession by third quarter, says Emefiele - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/we-should-be-out-of-recession-by-third-quarter-says-emefiele\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"We should be out of recession by third quarter, says Emefiele - National Wire\" \/>\n<meta property=\"og:description\" content=\"The governor of Central Bank of Nigeria (CBN), Godwin Emefiele, has said that, the country should be out of recession by the third quarter of 2017. 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