Nigeria’s external reserves hit $42.8 billion

Naira in shocking fall in Forex market

Nigeria’ external reserves has continued its steady rise hitting above $42 billion.

The new figure is $42.8 billion.

Special assistant to Governor of the Central Bank of Nigeria on agricultural development and finance, Tunde Akande, announced the new reserves figure at a meeting with top officials of the Rice Farmers Association of Nigeria in Abuja.

Isaac Okoroafor, CBN spokesman at the meeting, said the upward surge in the external reserves is due to the deliberate policy of the apex bank, to reduce the country’s food import bill.

He cited the anchor borrower programme as one of the policies by CBN to reduce import bill on food items.

The apex bank, according to him, will partner with other commodity associations such as millet, cassava, maize and sorghum to create new jobs, reduce food import bill and promote export

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