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Nigerian senate optimistic of economic condition

Xinhua, July 20, 2016 Adjust font size:

The Nigerian Senate on Tuesday said it was optimistic that Nigeria would get out of the recession, which it was currently experiencing.

Deputy Senate Spokesperson, Ben Bruce, said this while briefing newsmen shortly after a two-hour close-door session between the senators and Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele.

Bruce said Emefiele's appearance was in line with Section 8 of CBN Act, 2007, which required that he should provide periodic updates to the National Assembly on activities of the bank and performance of the economy.

He said the apex bank governor presented a comprehensive account of the performance of the Nigerian economy in the last one year.

According to him, Emefiele's presentation began with current global economic conditions, which has been characterized by external shocks, including sharp decline in commodity prices among other things.

He said Emefiele disclosed that the current challenge in the country was due partly to over 70 percent decline in oil prices from about 116 U.S. dollars per barrel in June, 2014 to about 30 dollars per barrel earlier in 2016.

The CBN governor and finance minister were on May 25, asked to appear at the senate to brief it on the monetary and fiscal policies for salvaging the economy. Endit