Buhari talks of good times ahead

0
433

Economy is getting better

President Muhammadu Buhari says the nation’s economy is steadily improving, urging Nigerians to remain optimistic as the future of the country is bright.

At a State dinner held Monday, in his honour by the Government of Jigawa State during his two-day working visit, President Buhari called on Nigerians to continue supporting his administration’s well thought-out economic policies.

“The future is bright for Nigeria, as the economy has taken a turn for the better, our foreign reserves are almost twice the level we met, boosting investor confidence and stabilising the Naira, and inflation has declined consecutively for more than a year.

“The Federal government released over N1 trillion for capital projects in 2016 and N1.5 trillion in 2017, figures that are unprecedented in Nigeria’s history,” the President said.

President Buhari listed the ‘Shuwarin overpass’ and ‘Dutse-Shuwarin-Kiyawa’ portion of the Kano – Maiduguri expressway as well as the ‘Dutse-Laraba highway extension as part of areas in which Jigawa State has benefited from the federal government’s commitment to infrastructural rejuvenation.

The President commended Governor Mohammed Badaru Abubakar of Jigawa State for emulating his administration’s commitment to infrastructure development despite severely limited resources available to the State.

The President also lauded the State government for subscribing to the Federal government’s renewable energy master plan by having the largest solar power investment portfolio in the country — the 330 megawatts joint solar power development station situated in Gwiwa Local Government of the State.

Commending the success of the federal government’s Social Intervention Programme in Jigawa State, the President urged states that are yet to access the over N500 billion budgeted for the scheme due to “its stringent eligibility guidelines” to fully take advantage of the programme.

President Buhari equally lauded Governor Badaru’s efforts as the head of the fertilizer supply and distribution programme which has resulted in “unprecedented availability of fertilizer to farmers at zero level.”

The President told the governor: “Your Excellency, you have done well. You deserve the support of your people to keep it up.”

xx

Naira appreciates

The Naira on Tuesday gained 2.3 points to appreciate against the dollar at the parallel market in Lagos, the News Agency of Nigeria (NAN) reports.

The Nigerian currency traded at N360, stronger than N362.3 posted on Monday, while the Pound Sterling and the Euro closed N497 and N428.

Trading at the Bureau De Change (BDC) segment showed that the Naira closed at N362 to the dollar, the CBN regulated rate, while the Pound Sterling and the Euro closed at N497 and N428.

At the investors’ window, the Naira was sold at N361.61, while it exchanged at N305 at the CBN window.

Across the country, the Naira exchanged as shown in the table and graph below

Dollar

Pound sterling

Euro

Lagos

360

497

428

Abuja

362

506

435

PH

362

502

428

Kano

361.2

497

429

xxxx

In another round of intervention, the Central Bank of Nigeria (CBN) on May 15, 2018, injected the sum of $210million into the inter-bank Foreign Exchange Market to boost liquidity in the system.

The figures released by the Bank in Abuja indicate that it allocated the sum of $100million to dealers in the wholesale sector, just as the Small and Medium Enterprises (SMEs) segment and invisibles each received the sum of $55 million.

Validating the releases, the Acting Director of Corporate Communications Department (CCD) at the Bank, Isaac Okorafor, said that the continued interventions in the interbank foreign exchange market was mainly to ensure sustained liquidity and stability in the market.

According to him, the interventions by the CBN had impacted the market positively and guaranteed a stable exchange rate for the Naira, which has since stabilized the foreign exchange market.

He reiterated that the Bank’s intervention moves had also seen to a reduction in the country’s import bills and accretion to its foreign reserves.

Meanwhile, the naira exchanged at N362/$1 in the BDC segment of the market on Tuesday, May 15, 2018.