Massive Jubilation In Aso Rock, As CBN Governor Delivers The Best News To Buhari, Ahead Of The 2019 General Elections

By Post Nigeria February 15, 2018 18:50

Massive Jubilation In Aso Rock, As CBN Governor Delivers The Best News To Buhari, Ahead Of The 2019 General Elections

It was a great day of joy in Aso Rock, Abuja, as the Central Bank of Nigeria, CBN, revealed on Wednesday, that the country’s Foreign Reserves has risen to about $42.8 billion.

Isaac Okoroafor, the CBN Spokesperson, stated that the country’s economy has continued to make significant progress, with inflation figures coming down, while the Foreign Reserves are going up.

The balance in the Foreign Reserves stood at $40.56 billion, in January, and $34.53 billion, in December 2017.

Mr. Okoroafor told participants in the Rice Farmers Association of Nigeria, RIFAN, meeting in Abuja, that the rising balance was indicative of the positive impact of government policies on the economy.

Mr. Okoroafor attributed the steady growth of the reserves to CBN’s policies directed at reduction in importation of goods, especially food that can be produced in the country.

Mr. Okoroafor told the Farmers at the meeting that rice production under the Anchor Borrowers Programme initiated by the CBN has remained a reference point in the Bank’s efforts at conserving the nation’s foreign exchange.

“CBN decided to go into the funding of rice and other agricultural produce because we felt that food supply is key if price stability is to be maintained”, he said.

“Food makes up a disproportionately large portion of the basket of prices in the country. We (CBN) decided to target food supply to bring down inflation.

“Second, we went into this business of funding agriculture because we felt that food, especially rice, was a key component of importation in Nigeria.”

He said over the years, rice was a key component in the depletion of the country’s Foreign Reserves, as billions in foreign exchange were spent every year on the importation of the commodity.

Mr. Okoroafor stated that the CBN believed if the country could deal with rice importation and replace it with local rice production, it would be working at rebuilding the Foreign Reserves.

He said the country has largely succeeded in meeting those objectives, as the coutry’s Foreign Reserves have gone up to $42.8 billion, as at Tuesday, while the inflation figures have been dropping, Premium Times reports.


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