The Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, on Saturday, said the national external reserves had hit over $47bn from $46bn weeks ago as the Federal Government continued to step up efforts to enhance economic growth.
He also disclosed that the CBN, in collaboration with Deposit Money Banks in the country, would, in the next few days, unveil the process of disbursing a N60bn fund to vulnerable sectors of the economy.
Emefiele spoke shortly after he was named the Economic Personality of the Year 2017 by The Guardian Newspapers in Lagos.
He said, “In 2016, the banks came up with an initiative where they all agreed that they would contribute five per cent of their profit after tax to support the development initiatives of governments in Nigeria. By the middle of this year, the banks would have contributed N60bn into the fund.
“I can assure you all that in the next few days, the CBN together with the banks would be unfolding the disbursement to the vulnerable sectors in Nigeria.”
According to the CBN governor, some policy measures by the government have led to increased foreign exchange supply with over $20bn inflow into the economy through Investors and Exporters window since inception in April 2017.
This, he said, had led to “strong recovery of external reserves from just over $23bn in October 2016 to over $47bn as of today.”
Emefiele recalled that a number of exogenous global shocks had exposed the vulnerabilities of the Nigerian economy over the last couple of years.
Consequently, he said the nation saw depressed Gross Domestic Product growth which culminated in a recession in 2016.
He said the vulnerability of the Nigerian economy to those global shocks simply reflected the fact that the country was unable to sufficiently produce what it consumed.
To counter the adverse effects of the global shocks, the CBN governor said the apex bank had embarked on a number of short-term and long-term policies.