Governor of the Central Bank of Nigeria Godwin Emefiele has revealed that President Muhammadu Buhari is satisfied with the stability in the foreign exchange market, following the sustained intervention by the Apex bank.

Nigeria's central bank on Tuesday sold 25 million US dollars at the newly introduced FX window for investors & exporters. Meanwhile, Godwin Emefiele says the present economic recession in the country would be over by the third quarter.

Standard and Poor's global ratings downgraded Nigeria further into junk status, citing a marked contraction in oil production, a restrictive foreign exchange policy and delayed fiscal stimulus.

The Central Bank of Nigeria Governor Godwin Emefiele, on Tuesday announced to keep benchmark interest at 14 per cent, and also maintained existing cash reserve ratios for commercial banks at 22.5 percent.