Foreign investors will no longer face hurdles in transferring funds abroad-CBN

The Central Bank of Nigeria, CBN, has said that foreign investors in the country interested in transferring their funds abroad will no longer face hurdles in doing so despite the current economic condition.

CBN Governor, Godwin Emefiele, gave the assurance in Abuja on Sunday, adding that the global oil crisis, which had triggered a considerable slump in crude prices, would not have an adverse impact on the investment of foreigners in the country.

In a statement made available to our correspondent, the CBN had deployed measures that will facilitate easy transfer of funds by investors willing to do so.

Emefiele, stated that the foreign exchange available would be devoted to strategic importation or service obligations that are the priority.

He asserted that the CBN, in collaboration with the Federal Ministry of Industry, Trade and Investment, is committed to galvanizing the manufacturing sector in a bid to reset the economy.

Emefiele cited the CBN intervention in a similar situation in 2015 around the time of the recession when the apex bank was able to meet its financial obligations to foreign investors.

The CBN plans to commit a substantial part of its foreign exchange to strategic importation and service obligations of topmost importance.

He affirmed the significance of collaboration between fiscal and monetary authorities to curtail the health and economic effects of the coronavirus pandemic, saying the CBN was working in synergy with banks, health sector manufacturers and other manufacturing groups to achieve this purpose.