The Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, has said that with the current efforts by the Federal Government to revive the country’s economy, the country should be out of recession by the third quarter of this year.
Emefiele also said the CBN would continue with its intervention in the foreign exchange market, adding that efforts by the apex bank so far had been yielding positive results.
He added that the country had started to see a downward trend in the prices of commodities, indicating a reduction in the rate of inflation.
“We are very much optimistic that by the end of the second quarter, or latest the third quarter, we should be out of recession that we are in right now,” he said.
The CBN governor said these after meeting with the leadership of the Senate in Abuja on Tuesday.
In attendance at the closed door meeting were the President of the Senate, Bukola Saraki; and Chairman, Senate Committee on Banking, Insurance and Other Financial Institutions, Rafiu Ibrahim.
Emefiele, while briefing journalists after the meeting, said discussions were held between the apex bank and the legislature on the current state of the economy.