From: Juliana Taiwo-Obalonye, Abuja
President Muhammadu Buhari, on Thursday, was briefed by the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, on the stability in the Foreign Exchange market and other activities of the apex bank.
The parallel market is currently stabilising at between N380 and N385 against one US dollar, he was told
Speaking with State House correspondents at the end of the closed-door meeting, Emefiele said that the President was delighted over the stability in the forex market.
President Buhari had, on Tuesday, received briefing the Minister of Justice and Attorney-General of the Federation, AGF, Abubakar Malami, and the Group Managing Director (GMD) of the Nigerian National Petroleum Cooperation (NNPC), Maikanti Baru.
He was however absent at Wednesday’s Federal Executive Council (FEC), leaving Vice President Yemi Osinbajo to preside.
Emefiele told newsmen that, “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 and I am saying the parallel market which currently stabilises at between N380 and N385,” he said.
The CBN governor said that, the sudden rise in crude oil production and the subsequent increase in export of the commodity are the main factor responsible for the stability in the forex market.
He said that the crude oil prices which has been oscillating between $50 and $56 per barrel, have helped to boost the nation’s revenue position and also provided some ammunition for the Central Bank to defend the currency.
“Given what we have right now the fact that the revenues are looking good, the state of the economy is good and I believe that we are going to pull out of the problem in due course.’’
Emiefele also reassured that the apex bank would continue to make the foreign exchange available to those in need to enable them to import or carry out eligible transactions.