The country is now equipped to bring an end to recession- CBN Governor

The current recession in the country would end by the third quarter of this year. Mr. Godwin Emefiele, The governor of the Central Bank Of Nigeria (CBN) said yesterday in his speech.

While he was briefing journalist, he made it known that, Looking at the nation's foreign reserve which reads $31,billion. he said this was enough to Bring things back as it was.
the country was now equipped
to bring the recession to an end as
quickly as possible.
He said the value of naira is now appreciating with the dollar.
The downward move in the parallel market
price of foreign exchange from
N525 to N370, was a result of the apex bank intervention in the foreign exchange market.

He noted that, the Senate President
invited them to brief the
parliament in a closed session and
providing some updates about the
foreign exchange markets.
He made it known that the intervention yielded a good result. And that our reserve stands at
above $31 billion.

an announcement was therefore made last week
which was meant to encourage  foreign
investor community to get involved as
well in the foreign exchange market.

The senate and CBN intervened in order to
Create a way for Nigeria to
attract foreign direct investment to make
the reserve and the intervention to be sustained.

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