Recession Will Be Over In Nigeria By June Says CBN Governor

The Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele, has said that with the current efforts by the Federal Government on the economy, recession should be over in Nigeria by the end of the third quarter.


Emefiele, made the assurance while speaking to journalist at the National Assembly Complex on Tuesday, after holding a closed -door meeting with the leadership of the Senate.

According to Pulse ng, he said one of the pointers was the change in the downward trend in the parallel market, as regards to the   appreciation of the value of Naira against the dollar from as high as N525 to  between N370 to N380 per dollar.

Another indicator according to the CBN governor, are the already confirmed reduction in the rate of inflation by the National Bureau of Statistics, NBS.

He also spoke of the current CBN intervention in the Forex  exchange market and the positive impact it has been able to achieve as regards the exchange rates.

"I think it's an opportunity for me to say that we are going to continue this intervention because the reserve looks very good. As I speak to you our reserve stands at about 31 billion dollars and that provides us enough of firepower or ammunition to be able to defend the currency and we will do so with all intensity to ensure that foreign exchange is procured by everybody."

"We have started to see a downward trend even in prices of goods and commodities and you have also must have observed that inflation is also trending downward as confirmed by NBS.

"We are very much optimistic that by the end of the second quarter, very latest third quarter this year, we should be out of recession that we are in right now," he said.