The Governor, Central Bank of Nigeria, Mr. Godwin Emefiele, has said the current decline in crude oil prices globally presents some risks to the country.
Global oil prices are down around 25 per cent to $86 per barrel from $112 in June this year, putting pressure on oil-exporting countries, including Nigeria.
Emefiele, who spoke at the 2014 investiture of the Chartered Institute of Bankers of Nigeria in Lagos on Saturday, however, said efforts were being made by the relevant authorities to ensure that the country remained strong and healthy.
He said the central bank would continue to build and maintain a healthy external reserves position by improving accretion to the reserves through fiscal buffers and continue to insist on fiscal discipline.
‘We expect the naira to remain strong and give foreign investors the clarity to guide future investment decisions,’ he said, adding that in the area of financial system stability, the CBN hoped to sustain the effective management of potential threats and avoid systemic crisis.
He said fiscal deficits had continued to decline from 1.4 per cent of the Gross Domestic Product in 2013 to a projected 1.03 per cent in 2014 and 0.99 per cent in 2015.