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CBN Governor Says Brexit will have no Unfavorable Effect on Nigeria

The Governor of central Bank of Nigeria,Godwin Emefiele, (CBN), says the planned exit of Britain from the European Union will not have an unfavorable effect on Nigeria.

Speaking on Sunday while briefing the Nigerian delegation at a press conference to close the spring meetings of the World Bank and International Monetary Fund, the governor said Britain is not one of Nigeria’s major trade partner.

“Let me say that the Brexit issue is about immigration and also about trade opportunities,” he said.

During the course of the meetings, Christine Lagarde, managing director of the IMF, had listed Brexit and trade tensions between the US and China as the major downside risks to the global economy.

In 2016, citizens of the United Kingdom had voted to quit the European Union; fixing March 29 as deadline which later extended till October 31.

Emefiele added, On trade, I would say that though Britain and Nigeria have a trade relationship but not as strong as what we have with China and the United States.

“For instance, China is Nigeria’s trading partner followed by the United States. And I had imagine that Britain comes quite low on the scale.

“So if you look at that, you would find that, in my view, there is not going to be any unfavorable consequences on Nigeria but we are reviewing it to see the implication, which I would expect would naturally be positive.”

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