The Central Bank of Nigeria (CBN) has assured foreign investors that repatriating their funds from the country is secured despite forex related revenue shortages due to the drop from the sale of crude oil globally occasioned by the novel COVID 19 pandemic.
CBN governor, Godwin Emefiele made this known in a statement issued by the apex bank and seen by The New Diplomat. He also explained that the apex bank had put in place policies to ensure an orderly exit for those that might be interested in doing so and also urged investors to be patient as such repatriations are processed, owing to the Bank’s policy of orderly exit of investments.
“Investors interested in repatriating their funds from the country are guaranteed to get their money, notwithstanding the drop in the revenue from crude oil” he assured.
Read also: Infographics: 10 Worst-hit States By Coronavirus In Nigeria
Emefiele explained that the challenge 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.
“The COVID-19 presented Nigeria with an opportunity to reset the economy and as such there was a need for the country to prepare itself to get the manufacturing sector to work, while the banking sector supports the economy. With the revenue drop from crude, Nigeria has no choice but to diversify its economic base. “The foreign exchange available would be devoted to strategic importation or service obligations that are the priority. 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” he added.
