CBN Gov. Emefiele assures foreign investors of “orderly’’ forex repatriation

Notwithstanding the drop in crude oil revenue, the Central Bank of Nigeria (CBN) has assured investors of the security of their investments in the country.

It said investors who are interested in repatriating their funds from the country are guaranteed to get their money in spite of the shortfall in the revenue from crude oil.

The CBN Governor, Mr Godwin Emefiele, said in Abuja that the 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, saying such repatriations are processed in accordance to the bank’s policy of orderly exit of investments.

Recalling a similar situation in 2015 following a decline in revenue, Emefiele said the CBN was able to settle all commitments in “an orderly manner’’.

“The foreign exchange available would be devoted to strategic importion or service obligations that are priority,’’ Emefiele explained.

On the bank’s plans in mitigating the economic impact of the COVID-19, the CBN governor said the bank in collaboration with the Federal Ministry of Industry, Trade and Investment was committed to jump-starting the manufacturing sector in a bid to revive the economy.

Emefiele said following a meeting with manufacturers in the health sector and the larger manufacturing group, the challenge posed by the pandemic had necessitated that fiscal and monetary authorities must work together to give fillip to health and economic sectors.

He noted: “COVID-19 has 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 revenue drop from crude, Nigeria has no choice but to diversify its economic base.

“The time has come for Nigerians to produce what can be produced in the country and consume what is produced in the country.’’