‘No cause for alarm on forex repatriation’ — Emefiele tells investors

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), has allayed fears relating to forex repatriation from the country.

Emefiele said investors have no cause to worry despite low crude oil prices that have resulted in reduced forex earnings for the country.

A statement released on Sunday and signed by Isaac Okorafor, CBN director of corporate communications, quoted the governor as saying the bank has put in place policies to ensure an orderly exit for those that might be interested in doing so.

Investors were, however, advised to be patient during the repatriation process owing to the bank’s policy of orderly exit of investments.

Citing a similar situation that occurred in 2015 when revenue declined, the governor said that the CBN was able to settle all commitments in an orderly manner.

According to him, the foreign exchange available will be devoted to strategic importation or service obligations that are priority.

The CBN is also said to be working with the ministry of industry, trade and investment on stimulating the manufacturing sector to reset the economy.

He said CBN had met with the banks, manufacturers in the health sector and the larger manufacturing group to address the challenge posed by the pandemic.

He noted 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 a need for the country to prepare itself to get the manufacturing sector to work, while the banking sector supports the economy.

The governor added that with the revenue drop from crude, Nigeria had no choice but to diversify its economic base, adding that the time had come for Nigerians to produce what could be produced and consume what is produced in the country.