Why Nigeria continues to earn less foreign exchange – Emefiele

The significant decline of Nigeria’s foreign exchange earnings as well as revenue accruable to the federation account have persisted due to declining crude oil prices at the international market, the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has said.

He also attributed the decline to a cut in the country’s crude oil production quota in compliance with the Organization of Petroleum Exporting Countries (OPEC) resolution last April.

Also, the Minister of Finance, Budget and National Planning, Zainab Ahmed, has quoted the National Bureau of Statistics (NBS) as giving a projection that Nigeria’s economy is primed to relapse into the second recession n four years by contracting by about 4.2 per cent from the third quarter of this year.

Minister of Finance Budget and National Planning, Zainab Ahmed
With the economy already contracting by about 6.1 per cent in the second quarter, analysts have concluded that although the performance of the economy is expected to improve, another contraction in the third quarter would complete the three consecutive cycles required for an economy to go into recession.

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