Published On: Wed, Jul 8th, 2015

Foreign Reserve Increases By $2.8 Billion In One Month -CBN Governor

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President Muhammadu Buhari
By Nuel Suji, Abuja.
Governor of Central Bank of Ni‎geria, Mr. Godwin Emefiele on Wednesday declared that the President Muhammudu Buhari has upped Nigeria’s foreign reserve from $29 billion to $31.89 billion within one month of his administration
Former President Goodluck Jonathan left $29 billion in Nigeria foregin reserve.
‎Emefiele, who made this known when he visited leadership of the eight Senate in National Assembly, frowned at the way and manner the past administration granted import waiver to their cronies and friends on various products like rice, sugar.
However, CBN governor appealed to leadership of the Senate to go the extra mile to ensure that all revenue losses as a result of this arbitrary waiver and concessions are fully recovered.

He pleaded with the senate to sustain the interactive platform between the Central Bank and the Senate and also extend it to other government agencies so that law makers will have firsthand information on the state of the economy.

 The governor said,” following the drop in crude prices as high as 45%, and the fact that we had to depreciate our currency from N155 to N197, we also had to take certain decisions, to ensure that we keep our reserve still looking good. I commend the president, Muhammadu Buhari for his dogged approach that all leakages will be blocked. With those singular efforts and strong determination, we have seen our foreign reserves moving $29bn when his Excellency took office on the 29th of May to $31.89bn.”
In his comment on the what transpired at the closed door session, Emefile said,”We briefed the Senate extensively on all the actions we have taken, and other things that we are going to do to continue to strengthen Nigerian economy, make it possible for our people to create jobs for our people. And we are saying if we cannot employ people, what action are we going to take to ensure those who have entrepreneurial skills create jobs for themselves and for other people.
“I am delighted to mention to you that the senate after almost about three hours deliberation has graciously endorsed our actions today for everything that we have done. But I want to assure Nigerians that whatever action we have taken is done in the interest of our country. And I say that our reserve is our commonwealth, and we have a right to protect our foreign reserve.
“We are going to continue to avoid situation where speculators and round strippers come into the country and think of how they can take advantage of what is happening as a result in the drop in food prices to plunder our reserves.”

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