The Governor of Central Bank of Nigeria (CBN) Mr. Godwin Emefiele, thursday revealed that President Muhammadu Buhari is satisfied with the stability in the foreign exchange (FX) market, following the sustained intervention by the central bank.

Emefiele made this disclosure at the Presidential Villa, Abuja, while fielding questions from journalists after a closed-door meeting with the president.

The CBN boss who said the visit was one of his routine visits to the president to brief him on the state of the economy, added that Buhari was excited to hear the news on improving economic stability in the country, supported by the exchange rate of the naira which has stabilised at between N380 and N385/$ on the parallel market.

Emefiele said the price of crude oil in the international market which has been hovering at between $50 and $56 per barrel, has also helped in improving revenue generation and by extension fortified the nation’s currency.

“Basically, as expected, what we normally do is from time to time, to brief the president on activities in the Central Bank of Nigeria particularly this time as it relates to the efforts that the central bank is making to stabilise the FX market.

“And 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 at between N380 and N385 on the parallel market.

“There is no secret about it, but the fact that this time we have seen increased production of crude and exports also. The fact that we have also seen crude prices oscillating at between $50 and $55 to $56 has helped our revenue position and has also provided some ammunition for the central bank to defend the currency.

“Given what we have right now, the fact is that our revenue is looking good, the state of the economy is improving and I believe that we are going to pull out of the problem (recession) in due course,” he said.

Emefiele also said the economy has further been strengthened by the continuous injection of FX into the market by the central bank.

“Our responsibility as the central bank is to do what we are doing at this time. Nigerians or importers who need FX to do business need to have access to it and given the fact that we are able to increase our FX revenue, the natural thing to do is to make it available to those who need it to import or to carry out eligible transactions,” he said.

He said stable crude oil production and the attendant increase in the volume of oil exports, would help support growth of the Nigerian economy, adding that the development has given signals of an imminent exit from the recession.