CBN governor, Godwin Emefiele Photo: Twitter

By Ige Olugbenga

The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, on Thursday, stated that President Muhammadu Buhari is delighted at the current stability being experienced in the foreign exchange market.

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Emefiele spoke to State House correspondents after a closed-door meeting with the president in the Presidential Villa, Abuja.

According to the CBN boss, the parallel market is currently stabilising at between N380 and N385 to $1.

“Basically, as it is expected, what we normally do is from time to time to brief the president about activities about the Central Bank of Nigeria.

“Particularly at this time as it relates to the efforts that the central bank is doing to stabilise the forex market.

“We briefed him regarding the activities so far and he was very delighted to hear that the market is stabilising at the level that it is right now.

“I am saying the parallel market which currently stabilises at between N380 and N385,’’ he said.

Crude oil boom

Emefiele said the increase in crude oil production and export were the major factors responsible for the stability in the forex market.

The CBN boss added that crude oil prices which have been oscillating between $50 and $56 per barrel also helped in boosting the nation’s revenue position.

He said: “Given what we have right now the fact that the revenues are looking good, the state of the economy is good and I believe that we are going to pull out of the problem in due course.’’

Emefiele promised that the apex bank would continue to make the foreign exchange available to those in need to enable them import and carry out other legitimate transactions.