Emefiele: Stable Crude Oil Production, Increased Export Have Stabilised Economy

By Omololu Ogunmade in Abuja

The Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, on Thursday said with stable crude oil production in recent times and attendant increase in the volume of oil export, the current state of the economy is good. 

He also said the development had given signals of imminent exit from the current economic challenges.

Emefiele made this disclosure in the Presidential Villa, Abuja while answering questions from journalists after a closed-door meeting with President Muhammadu Buhari.

The CBN boss, who said the visit was one of his routine visits to the president for a briefing on the state of the economy, added that Buhari was excited to hear the news of a stabilising economy with the exchange rate also being stable at N380 and N385/$ in the parallel market.

Emefiele said the prices of oil in the international market which had been hovering between $55 and $56 per barrel had also helped in improving revenue generation and consequently fortified the nation’s currency.

Details later…