CBN assures investors of funds security amid COVID-19

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The Central Bank of Nigeria (CBN), has assured investors of the security of their investments in Nigeria, despite dwindling revenue from the sale of crude oil globally.

Speaking in Abuja, the CBN Governor, Mr. Godwin Emefiele, said investors interested in repatriating their funds from the country were guaranteed to get their money, notwithstanding the drop in the revenue from crude oil.

He noted 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 as such repatriations are processed, owing to the Bank’s policy of orderly exit of investments.

Recalling a similar situation that occurred in 2015 over declining revenue, Emefiele said that the CBN was able to settle all commitments in an orderly manner.

According to Emefiele, ‘‘the foreign exchange available would be devoted to strategic importation or service obligations that are priority’’.

The CBN Governor further disclosed plans by the Bank to tackle the economic impact of COVID-19.

‘‘The CBN, in collaboration with the Federal Ministry of Industry, Trade and Investment, is committed to galvanizing the manufacturing sector in a bid to reset the economy.

‘‘We have met with banks and manufacturers in the health sector and the larger manufacturing group, the challenges posed by the pandemic necessitated that as leaders, the fiscal and monetary authorities must work together to moderate the health and economic impact of the COVID-19.’’

Emefiele opined that COVID-19 has presented Nigeria with the opportunity to reset the economy and as such, the country must get the manufacturing sector working, while the banking sector will also work to support the economy.

With the revenue drop from crude, the CBN Governor maintains Nigeria had no choice but to diversify its economic base, produce what can be produced in the country and consume what is produced in the country.

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