The Governor of the Central Bank of Nigeria , Mr. Godwin Emediele, disclosed this Friday night, in Washington DC, USA.
Emefiele revealed that Nigeria’s foreign reserve has stabilised at USD45 billion from the low point of USD23 billion in 2016, stressing that the CBN’s foreign exchange policy, particularly the Investors’ and Exporters Window established in 2017, was delivering desired results. According to him, the outcomes of the recent CBN forex policy has led to stable exchange rate, forex liquidity, vibrancy in the capital market, improved supply of forex impact on Purchasing Manager’s Index, and the improved forex supply expected to impact positively on Gross Domestic Product, GDP, growth and more companies declaring profit and offering rights issues.
Commenting on its Anchor Borrowers Programme initiative, he said: “This scheme stands out as one of the major achievements of the Bank in its intervention effort. The goal of the programme is to collaborate with anchor companies involved in the production and processing of key agricultural commodities. Under the ABP, anchor firms serve as off-takers with out-growers involved in production. As at December 2018, a total sum of N174.
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