Nigeria’s external reserves hit $36.23bn on higher crude oil prices

Nigeria’s foreign exchange reserves have risen from $34.94 billion last November  to $36.23 billion by January 21, 2021 on the back of increase in global crude oil prices.

The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, who disclosed this at the end of the Monetary Policy Committee (MPC) meeting of the Bank, said the increase reflected improvements in crude oil prices, partial global economic recovery amid optimism over the discovery and distributions of coronavirus (Covid-19) vaccines by most developed economies.

He added that the nation’s economy and its global counterpart had continued to show prospect for recovery from the effects of Covid-19 and assured of improved economic growth in Nigeria in the first quarter of 2021.

Emefiele also said the apex bank has disbursed N554.61 billion to 2, 849,490 farmers to boost food security under its Anchor Borrowers Programme (ABP) beginning from 2015.

He urged the Federal Government to take more urgent steps to tackle the challenge of insecurity so as to curb inflation, adding that insecurity also posed a threat to food security.

In a communiqué issued in Abuja yesterday, the CBN Governor said that out of the amount, N61.02 billion was disbursed to 353,370 dry season farmers.

He assured that the CBN would sustain its drive to improve access to credit to the private sector while exploring collaboration with the Federal Government to improve funding to critical sectors of the economy.

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