Importer Forex Window introduced by the Central Bank of Nigeria has recorded $55bn deals since its inception.
The Central Bank Governor, Godwin Emefiele, disclosed this in a presentation on the topic, ‘The role of monetary policy towards economic growth in Nigeria,’ at the first convocation lecture of Edo University, Iyamho, Edo State.
He said, “The introduction of the Importer&Exporter window, along with improvement in domestic production of goods have helped shore up our external reserves. Transactions have reached over $55bn since the inception of the window and our foreign exchange reserve has risen to US$42bn in September 2019 from US$23bn in October 2016.
“Nigeria’s current stock of external reserves is now able to finance over nine months of current import commitments. With improved availability of foreign exchange, the exchange rate at the I&E FX window has remained stable over the past 24 months at an average of N360/US$.
“The parallel market exchange rate has appreciated from N525/US$ in February 2017 to N360/US$ today.”
While speaking further on the lecture, he stated that the favourable outcomes and strengthening outlook of the Nigerian economy was traceable to the timely adoption of unconventional monetary policy tools.
He said the CBN had been able to reduce inflation, build the FX reserves, maintain FX market stability, and foster real growth, but admitting that that there were still challenges.