Emefiele assures investors of safety, orderly exit of funds

The Governor, Central Bank of Nigeria (CBN), Godwin Emefiele, has assured investors of the security of their investments in the country despite dwindling revenue from the sale of crude oil globally.

Speaking at the weekend in Abuja, Emefiele said investors interested in repatriating their funds from the country were guaranteed to get their money, notwithstanding the drop in the revenue from crude oil. He noted that the Bank had put in place policies to ensure an orderly exit for those that might be interested in doing so.

He, however, urged investors to be patient as such repatriations are processed, owing to the Bank’s policy of orderly exit of investments.

Recalling a similar situation that occurred in 2015 over declining revenue, Emefiele said that the CBN was able to settle all commitments in an orderly manner.

According to the Governor, the foreign exchange available would be devoted to strategic importion or service obligations that are priority.

Speaking on the plans of the Bank in tackling the economic impact of the COVID-19, he said the CBN, in collaboration with the Federal Ministry of Industry, Trade and Investment, was committed to galvanizing the manufacturing sector in a bid to reset the economy.

While disclosing that the CBN had met with the banks, manufacturers in the health sector and the larger manufacturing group, he said 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.

Emefiele said the COVID-19 presented Nigeria with an opportunity to reset the economy and as such there was 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, the CBN Governor said Nigeria had no choice but to diversify its economic base. He said the time had come for Nigerians to produce what can be produced in the country and consume what is produced in the country.

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Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.