The Director of Banking Supervision, Central
Bank of Nigeria (CBN), Ahmed Abdullahi on
Thursday said that the economy would record tremendous improvement by the third quarter of the year.
Abdullahi told newsmen after the 333rd
Bankers' Committee meeting in Lagos, that an
indication of this was the stability of foreign
exchange rate as there was convergence between the official and parallel markets.
He also observed that investors' confidence in
the economy was gradually building up as was indicated in downward trend in the inflation rate and the positive development recorded at the capital market.
He said: "The Bankers Committee noted with
delight the improvement in the economy in
recent times. Although the economy is still in
the negative but the size of the negative
growth has reduced.
"It is almost obvious that by the end of the end of the third quarter, there will be positive
growth and there are a number of indices that
are pointing toward that.
"Inflation is trending downwards. It is about 16.25 per cent from18 per cent that it was.
"The exchange rate has largely stabilised, we
are seeing convergence at both the nafex and
Importer and Exporter window as well as the
Bureau De Changes' rate."
The director added that confidence was increasingly building in the economy, saying that it was due to improvement in oil production and oil price.
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