CBN reacts as fears grips investors in Nigeria

CBN reacts as fears grips investors in Nigeria

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

CBN Governor, Godwin Emefiele, gave the assurance on Sunday, in a statement by the Director of Corporate Communications Department, Isaac Okoroafor.

The apex bank said that investors interested in repatriating their funds from Nigeria were guaranteed to get their money despite the current situation.

Noting that the apex bank had put in place policies to ensure an orderly exit, Emefiele urged investors to be patient as repatriations were being processed.

He said any delay was due to the Bank’s policy of orderly exit of investments, recalling a similar period in 2015 when oil revenue declined.

Emefiele, however, announced collaboration with the Federal Ministry of Industry, Trade and Investment, on boosting the manufacturing sector of the economy.

He disclosed that CBN recently met with banks and manufacturers to seek ways to address the effects and ways out of the COVID-19 economic shocks.

Emefiele declared that Nigeria must diversify its economic base and produce more of what is consumed in the country.

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