External Reserve Moves Towards $40bn CBN Projection  



Lagos, Nigeria, December 11, 2017// – With the rate of accretion in the nation’s external reserves, the Central Bank of Nigeria (CBN) is optimistic that the reserves as expected,  may meet its projection of $40 billion by the end of 2017.

The Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, disclosed this at a function in Agbara, Ogun State.

He said the country’s external reserves have hit a four-year high of $38.2 billion.

“In January 2014, Nigeria’s reserves were about $40 billion and by October 2016, it had dropped to $23 billion, all because of the haemorrhaging of foreign exchange.

“But I am happy that today, we are beginning to sing positive songs and our story is looking good at this time. We have seen reserves move up from the $23 billion to $38.2 billion”, he said.

Emefiele also announced that the CBN was formulating a draft credit framework for Small and Medium Enterprises (SMEs) aimed at improving credit to the sector.

According to a statement posted on the Central Bank’s website, this was disclosed by Emefiele at a strategy meeting with select Development Finance Institutions (DFIs) and other stakeholders on enhancing access to credit to SMEs in the country.

He noted that the meeting with the DFIs was as a result of the failure of lenders to make access to credit a priority.

According to him, the efforts would see more government intervention in the sector, resulting in job creation for youths in the country.

He noted that the citizens were yet to feel the impact of the country’s exit from the recession, which he attributed to lack of appreciable growth.

Speaking further, he disclosed that President Muhammadu Buhari had mandated agencies to come up with programmes that would have Nigeria and Nigerians at heart.

The programme, according to him, would be one that would be impactful nationwide in terms of granting access to credit to the rising number of SMEs.





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