Nigerian 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 transactions.
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.