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President Buhari returns to office for briefing by CBN boss Emefiele


– Emefiele met with President Buhari
behind closed doors to discuss the issue of
Nigeria’s FOREX and naira rates
– The apex bank boss says the president is
quite please with the new stability the
institution has achieved
– President Buhari was absent at
Wednesday’s Federal Executive Council
meeting despite returning to work on
Tuesday, May 2
The Nation is reporting that President
Muhammadu Buhari, on Thursday, May
4, received briefings from the Governor
of the Central Bank of Nigeria (CBN)
Godwin Emefiele in a closed-door
meeting.
According to the report, Emefiele
briefed the president on the stability in
the Foreign Exchange market and
additional activities of the apex bank.
He told State House correspondents that
the President was delighted at how
stable the FOREX market had become.
President Buhari returned to office for a
meeting with CBN boss Emefiele who briefed on
the naira rates and FOREX market
He said: “Basically as it is expected what
we normally do is from time to time to
brief the President about activities about
the Central Bank of Nigeria particularly
at this time as it relates to the efforts
that the Central Bank is doing to
stabilise the forex market
“We briefed him regarding the activities
so far and he was very delighted to hear
that the market is stabilising at the level
that it is right now and I am saying the
parallel market which currently
stabilises at between N380 and N385.”
Emefiele said the sudden rise in crude
oil production and the subsequent
increase in export of the commodity are
the major factors that led to the stability
in the FOREX market.
He added: “Given what we have right
now the fact that the revenues are
looking good, the state of the economy is
good and I believe that we are going to
pull out of the problem in due course.’’
Meanwhile, NAIJ.com reported earlier
that after almost two years, the Central
Bank of Nigeria (CBN) has lifted the
restriction on 41 items listed as
ineligible for foreign exchange .
The apex bank in a circular said:
“Importers of items classified as not
valid for forex with transactions value of
$20,000 and below per quarter shall now
qualify for allocation of foreign
exchange.”
Consequently, the restriction still exists
for businesses with transaction value
above $20,000 per quarter. 

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Posted by May 4, 2017.

Categories: Gist, News

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