Nigeria’s foreign reserve hits $42.8
The image maker of the Central Bank of Nigeria (CBN), Mr. Isaac Okoroafor, disclosed this at a meeting with Rice Farmers Association of Nigeria (RIFCAN) this Morning, in Abuja.
He attributed the steady growth of te reserve to CBN policies targeting reduction in importation of goods, especially food that can be produced in the country. Rice production under the Anchor Borrowers Programme remains a reference point in the bank’s efforts at conserving the nation’s foreign exchange.
It is on record that the Foreign Reserve was down to as low as $29B in 2015 and when oil was selling for as high as $120/barrel with over 2.2 million barrels sold each day, Nigeria could not increase its foreign reserve.
Reduction in imporation of basic things, increased exportation of services and goods, fiscal discipline, reduced corrupt practices, peace in Niger-Delta region, increased crude oil price globally, etc have been seen as parts of the reasons for the growth in the foreign reserve in the recent times.