President Buhari commends CBN for price, naira stability
by Onyinye Nwachukwu, Abuja
October 2, 2017 | 12:00 am| | | Start Conversation
President Buhari on Sunday commended recent policies adopted by the Central Bank of Nigeria (CBN) to stabilise prices and stabilise the local currency.
In his nationwide independence broadcast, the president particularly noted lowering inflation and the special foreign exchange window created by the CBN for exports, investments and manufacturers which he said has been quite effective.
The CBN, in April announced a special window for Investors, Exporters & End-users, and named it the “Investors’ & Exporters’ FX Window”. The purpose of this Window is to boost liquidity in the FX market and ensure timely execution and settlementfor eligible transac tions.
According to president, the special wimdow has so far attracted up to $7billion and a proof of confidence in the Nigerian economy.
“Elsewhere in the economy the special window created for manufacturers, investors and exporters, foreign exchange requirements has proved very effective. Since April, about $7 billion has come through this window alone. The main effect of these policies is improved confidence in the economy and better investment sentiments,” the president stated.
The president also noted that the “country recorded 7 consecutive months of lower inflation, Naira rate is beginning to stabilize, appreciating from N525 per $1 in February this year to N360 today. Broad-based economic growth is leading us out of recession.”
Speaking on other initiatives of the government with respect to the economic diversification policy, he pointed to the CBN’s Anchor Borrowers Programme, which he launched in November 2015.
According to him, the programme has been an outstanding success with: N43.92 billion released through the CBN and 13 participating institutions; and 200,000 small holder farmers from 29 states of the federation benefitting,
He also noted 233,000 hectares of farmland cultivating eight commodities, namely Rice, Wheat, Maize, Cotton, soya-beans, Poultry, Cassava and Groundnuts, in addition to fish farming.
‘These initiatives have been undertaken in close collaboration with the states. I wish to commend the efforts of the Governors of Kebbi, Lagos, Ebonyi and Jigawa States for their support to the rice and fertilizer revolutions,” the president stated.
“Equally commendable are contributions of the Governors of Ondo, Edo, Delta, Imo, Cross River, Benue, Ogun, Kaduna and Plateau States for their support for the Presidential initiative for palm oil, rubber, cashew, cassava, potatoes and others crops,” he added.
He said with the abundance of rainfall last year and this year, agriculture has enjoyed Divine intervention.
According to the President, since December 2016, his Administration has produced over 7 million 50Kg bags of fertilizer. “Eleven blending plants with a capacity of 2.1 million metric tons have been reactivated. We have saved $150 million in foreign exchange and N60 billion in subsidy. Fertilizer prices have dropped from N13,000 per 50Kg bag to N5,500,” he further noted.
He further announced a new presidential initiative which is starting with each state of the Federation creating a minimum of 10,000 jobs for unemployed youths, amd “again with the aid of CBN’s development finance initiatives.”
Onyinye Nwachukwu, Abuja
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