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Nigeria's external reserve has climbed to $42.8m - CBN

Nigeria's external reserve has climbed to $42.8m - CBN

- Nigeria's foreign reserve has hit $42.8 billion, the Central Bank of Nigeria has announced

- According to the CBN, this was achieved due to the decline in the usage of forex to import rice

- The disclosure was made by the acting director, corporate communications, Isaac Okorafor

The Central Bank of Nigeria (CBN) has disclosed that Nigeria's external reserve has climbed to $42.8 million as at Tuesday, February 13.

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The CBN acting director, corporate communications, Isaac Okorafor, made this disclosure on Wednesday, February 14, at a joint press briefing with the Rice Farmers Association of Nigeria (RIFAN) on the commencement of the phase two of the CBN Anchor Borrowers Programme, Daily Trust reports.

Legit.ng gathered that he attributed the successes in rising foreign reserve to the decline in the usage of forex to import rice.

According to him, this followed the huge local rice production capacity stemming from the success of the CBN anchor borrowers programme launched in 2015, which increased local rice production by at least 1 million metric tons (MT).

The president, RIFAN, Alhaji Aminu Goronyo, who also spoke at the press briefing, said that the pilot was launched on Tuesday, February 13, in Gwagwalada, Abuja, and that the programme has been commenced in other parts of the country.

He said: "We are targeting 500,000 farmers - 200,000 dry season farmers and 300,000 wet season farmers - and all the farmers have been digitally captured."

He also stated that the scheme was also targeting at least 200,000 hectares of farm and five million jobs, adding that each farmer will get at least N250,000 in farm inputs.

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Meanwhile, Legit.ng previously reported that a data released by the Central Bank of Nigeria showed that the country's foreign reserve as of March 8, 2017 rose to it's highest since October 2015.

The external reserve rose by $4.2 billion since the beginning of the 2017, and by $6.2 billion since October 19th, 2016 when it commenced its upward trend.

The nation's dollar reserves increased by 15.02 percent since the start of the year, but were no where near the $64 billion hit in August 2008.

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Source: Legit.ng

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