Nigeria to exist recession third quarter, CBN Governor insists
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Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, on Tuesday said that the country would be out of recession in second or first half of the third quarter.
Emefiele spoke after emerging from a closed session with Senate President, Abubakar Bukola Saraki, in Abuja.
The CBN boss who said that the Senate President called them to brief and give update to Senate on foreign exchange market, noted that the country’s foreign reserve currently stood at $31 billion.
He said that the increasing strength of the foreign reserve is giving the CBN the necessary fire power to play in the foreign exchange market.
“You will all have observed that in the last two months, Central Bank has been involved in some form of intensive intervention in the foreign exchange market and this has fortunately resulted in a downward trend in the parallel market price of foreign exchange from as higher as N525 to as low as N370. Right now it hovers between N370 to N380.