Nigeria’s Foreign Reserves Rise To $42.8bn – CBN

The Nigerian Central Bank’s spokesman, Isaac Okoroafor on Wednesday in Abuja disclosed that Nigeria’s foreign reserves have risen to $42.8 billion.

Okoroafor stated this at a meeting with Rice Farmers Association of Nigeria, RIFAN, attributed the steady growth of the reserves to CBN policies targeting reduction in importation of goods, especially foods that can be produced locally

He said: “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.

“food makes up a disproportionately large portion of the basket of prices in the country.

“We 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.

‘It was, therefore, a key component in the depletion of our foreign reserves.

“So we felt if we could deal with rice importation and replace it with local rice production, we would be working at rebuilding our reserves.

And I tell you, we have succeeded in meeting those two objectives.

‘’The reserves have gone to $42.8 billion as at yesterday (Tuesday) and you can see the inflation figures have been dropping and we expect this to continue throughout the year.”

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