Nov 21 (Lagos) - The Central Bank of Nigeria (CBN) on Tuesday intervened in the inter-bank foreign exchange (forex) market to the tune of US$ 210 million, higher than the US$ 195 million it offered the preceding week.
Confirming the figures, the acting director, Corporate Communications at the CBN, Isaac Okorafor said the CBN offered US$ 100 million to the wholesale segment, while the SMEs segment received US$ 55 million.
The invisibles segment, comprising tuition fees, medical payments and Basic Travel Allowance (BTA), among others, also received US$ 55 million.
So its looking like business back to usual from CBN and the Policy of dipping into reserves to protect the Naira continues.
So all the agriculture Policies have failed to yeild results so far. That is expected because it takes a long time for agriculture investments to pay off if a country is able to persist with them.
In our view, Nigeria needs to keep the focus on agriculture and in fact get serious about it and develop roads, rails that lead to farms so the produce is not destroyed in transit. Nigeria should partner with countries like India that have huge population and have managed to overcome demand and become self reliant in food production.
The current situation of selling Dollars to protect the Naira is not long-term. This is what led to collapse of Naira when the crude oil prices fell. If the crude oil prices fall again, CBN will not have enough Dollars to sell and Naira will crash again.
That is why Nigeria must focus on Agriculture in a way that India did in the 1970's and 80's to become self sufficient in food production.
reporting for easykobo.com on Tuesday, Nov 21 2017 from Lagos, Nigeria
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