Non-Oil Exports Receipts Hits $2.5bn –CBN

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Godwin EmefieleThe Central Bank of Nigeria (CBN) has revealed that non-oil export receipts stand at about $2.5 billion so far. This was even as the apex bank urged deposit money banks (DMBs) to maintain their banking ratios and take suitable measures to mitigate any potential risks.

The Governor, of CBN, Godwin Emefiele, disclosed this during the recent CIBN dinner held in Lagos.

Stating the bank’s outlook and policy thrust for 2023, Emefiele said the CBN is of the view that the short-term outlook of the Nigerian economy remains good while adding that in the coming years, its monetary policy will remain focused on the objectives of price, monetary, and exchange rate stability.

He noted that based on the expectation of robust non-oil performance, and barring any unforeseen shocks, the GDP growth rate is projected to remain positive in the remaining quarter of 2022 and during 2023.

According to him, Nigeria’s balance of payments is expected to remain positive in the short term.

“We have seen a recent boost in non-oil export receipts to about $2.5 billion. Hoping that the poor performance of the oil sector reverses, especially as high crude prices are sustained by a potential elongation of the Russian-Ukraine war, we expect the Current Account Balance to strengthen even further.

This will be backed by our resolute effort to strengthen and improve real non-oil sector productivity through apt diversification to reduce undue imports”, Emefiele said.

The CBN Governor commended the banking sector’s resilience despite the global headwinds.

“Our banking sector continues to remain sound and accommodative of growth. NPL ratios are currently under 5 percent and the Capital Adequacy and liquidity ratios are above the prudential requirements at 13 and 40 percent, respectively.

We intend to continue to maintain strong oversight of our banking institutions to quickly identify any vulnerabilities and ensure that banks take suitable measures to mitigate any potential risks”, Emefiele said.

 


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