(Ecofin Agency) - Nigeria should get out of recession latest by the end of June. This was declared by the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, after a meeting with Senate’s leadership on Tuesday.

“We are very much optimistic that by the end of the second quarter very latest third quarter this year, we should be out recession that we are in right now,” said Emefiele.

According to the governor who aims through the announcement to reinforce investors’ confidence in the Nigerian market, many indicators point toward the end of recession.

Amongst these, the downward trend in the parallel market in favor of the naira, which has appreciated from as high as N525 to as low as N370 for a dollar. Moreover, data from the National Bureau of Statistics (NBS) confirmed that inflation rate has reduced. In addition, CBN’s “reserve stands at above $31 billion” providing the financial institution “enough of firepower or ammunition to be able to defend the currency”.

The assurance of M. Emefiele regarding Nigeria’s exit from recession is quite understandable given that the apex bank has, since February, injected over $3.6 billion in the foreign exchange market to achieve sustainable growth.