Nigeria’s Foreign Reserves Will Surpass the $42 billion Threshold

The CBN Governor stated that the average turnover fell to an estimated $44.1 million during the vertex point of the COVID-19 pandemic in the second quarter of 2020.

He further stated that turnover at the Investors and Exporters Window averaged $157. 4 million in the third quarter and is projected to hit $209.3 million at the close of the year.

In his words,” The exchange rate continued to experience significant pressure in the various windows. Accordingly, the CBN adjusted the official exchange rate from N306/US$ to N405/US$. Today, the exchange rate at the I&E is hovering around N412/US$1.”

Mr. Emefiele also explained the implications of the CBN policies on Gross Domestic Product (GDP) and Inflation as they affect the economy. He noted that economic recovery is sustainable, as inflation continues to take a downward sloping trend line.

He said, “GDP: GDP rebounded with a strong positive growth of 5.1% percent in the 2nd quarter of 2021 from negative growth of -6.1% in the 2nd quarter of 2020. The recovery path has continued to strengthen in 2021 as a result of the stimulus support provided by our various policies and interventions.

“Headline inflation rate decreased to 17.01 percent in August 2021 from 18.17 percent in March 2021, and we are increasing our efforts to control inflation towards the CBN’s single-digit tolerance range.”