He made the revelation while delivering the first Distinguished Leadership Programme Lecture of the School of Economics, University of Ibadan.
With the improvement, Emefiele disclosed that the current foreign reserve is able to finance a nine-month import bill. One major idea, he said, was the development finance intervention which is the increase of lending to the agriculture and industrial sectors through targeted interventions schemes such as the Anchor Borrowers Programme, Commercial Agricultural Credit Scheme and the Rural Sector Support Facility.
The CBN governor further explained that the bank did not hand over cash to beneficiaries. Rather, they were given improved seedlings, herbicides, and so on, to prevent diversion of funds.He further revealed that a sum of N30 billion has been set aside to support the creative industry in Nigeria. He said: “In the view of some critics, for instance, our FX policies constitute exchange restrictions, rationing of FX, discretionary allocation based on priority categories, and multiple currency practice.