The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, has assured that Nigeria will continue to meet matured financial obligations to foreign investors and her international trading partners.
Speaking to visiting members of the German business delegation in Abuja, Emefiee said that Nigeria has been going through economic crisis due mainly to shocks arising from falling global oil prices, pointing out that the effect has been a severe shortfall in foreign exchange revenues.
He told the visitors that given the development, the country is left with no option than to diversify the nation’s economic production base and curtail frivolous importation.
The apex bank’s sued for their understanding on the regulator’s policies, which he said are meant to conserve foreign exchange, assuring them of the CBN’s effort to meet demands within the available forex resources.
Earlier, the leader of the visiting team, Vice Minister and Member of Parliament, Uwe Beckmeyer of the German Federal Ministry for Economic Affairs and Energy, said the essence of the visit was to familiarise themselves with developments in Nigeria’s financial sector and to devise means of articulating business relationships between the German business firms and their Nigerian counterparts.
He said that members of his team, with interests in such areas as power generation, light machines for Small and Medium Enterprises, were having some challenges in sourcing inputs for their production as well as the issue of double taxation.
He pleaded that German companies doing business in Nigeria would appreciate being assured of the certainty in areas of currency control as it affects profit remittances.
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