Nigeria’s foreign reserves increase from $34.94bn to $36.23bn- Emefiele

Nigeria’s foreign exchange (forex) reserves has experienced increase from $34.94 billion  to $36.23 billion with two months.
The intimation was made by Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, who during the Monetary Policy Committee (MPC) meeting of the bank,
Acccording to him, Nigerian economy has  continued to show good sign for recovery from the effects of COVID-19.
Emefiele gave assurance that the country would record improvement in the economy the first quarter of 2021.
“The medium-term outlook for both the domestic and global economies continued to show improved prospects of recovery. This is supported by the recent moderate uptick in crude prices and increased optimism over the procurement and distribution of COVID-19 vaccines. Available data and forecasts for key macroeconomic variables for the Nigerian economy suggest further improvement in output growth in the first quarter of 2021. ‘’
“This would be supported by the coordinated and sustained interventions of the monetary and fiscal authorities, including the broad-based stimulus and liquidity injections,’’ Emefiele said.
He revealed that CBN has released N554.61 billion to 2, 849,490 farmers to ensure food security under its Anchor Borrowers Programme (ABP) beginning from 2015.
“Of the CBN’s real sector interventions, under the ABP, N554.63 billion was disbursed to 2,849,490 beneficiaries in 2015, of which N61.02 billion was allocated to 359,370 dry season farmers.
In the light of the on-going synchronised efforts by the monetary and fiscal authorities to mitigate the impact of the COVID-19 pandemic, the bank has committed substantial amount of money towards this objective.
“Indeed, total disbursements as at January 2021 amounted to N2 trillion.
“For COVID-19 Targeted Credit Facility (TCF) meant for household and small businesses, we have disbursed N192.64 billion to 426,016 beneficiaries.
“We have also disbursed N106.96 billion to 27,956 beneficiaries under the AgriBusiness Small and Medium Enterprises Investment Scheme,’’ Emefiele said.

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