Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has said that with the positive results coming from the institution’s various economic policies, the country should be out of its current recession before the end of the third quarter.
Emefiele disclosed this to journalists after his meeting with the Senate leadership in Abuja on Tuesday.
“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,” he said.
He also said that the gradual fall in the prices of commodities in the market is an indication that inflation rate is on the decrease, which, according to him, is as a result of CBN’s various interventions in the foreign exchange market.
The apex bank boss further stated that the CBN will not rest on its oars in ensuring that both large and small-scale businesses access the required foreign exchange they need to prosecut their businesses.
“You would have observed that in the last two months, the Central Bank has been involved in some 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,” he said.
“As I speak to you, our reserves stand at above $31billion and that provides us with enough 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 added.