The Governor of the Central Bank of Nigeria, Godwin Emefiele, has said interventions introduced by the CBN have resulted in a daily trade of $150m in the Investors and Exporters window.
Emefiele spoke during the 55th annual bankers’ dinner organised by the Chartered Institute of Bankers of Nigeria in Lagos on Friday.
He said, “In the Investors and Exporters window, close to $150m, is being traded daily as a result of our measures to sanitise activities in the foreign exchange market.
“In addition, the Nigerian Stock Exchange All-Share Index rose by 65 per cent between April and November 2020, reflecting improved sentiments by investors on the fundamentals of publicly listed companies.”
He said as a result of these measures, the Gross Domestic Product growth in the third quarter improved to -3.6 per cent from -6.1 per cent in Q2, even though the economy fell back into a recession.
“We however expect that Nigeria would emerge from the recession by the first quarter of 2021, due to high frequency data that indicates continued improvements in the non-oil sector of our economy,” he said.
The President, CIBN, Bayo Olugbemi, said by tradition, the event was also a platform where the CBN gave insight into the monetary policies of the apex regulatory body both in the present and coming years.
Olugbemi said it also recognised the unparalleled efforts of some distinguished individuals and affiliate institutions who had contributed immensely to the growth and sustainability of the financial services industry in the year under review.
– Punch