FOREX: Nigeria To Get $10 billion in foreign exchange inflows – Edun

By: Daniel Abigail

Nigeria’s Finance Minister, Wale Edun said the country will $10 billion in foreign currency inflows to help the foreign exchange market’s liquidity.

Edun disclosed this while addressing a Business Conference which has been limiting the growth of Africa’s largest economy.

According to him, As a result of foreign investors’ withdrawal from local assets during a time of low oil prices, the West African nation has experienced ongoing currency shortages. Since then, investors have failed to come back, and the central bank has not yet satisfied unresolved requests for dollars from overseas investors looking to send money home or airlines looking to send money from international ticket sales.

“Due to the shortages, some companies and individuals have gone to the black market, where the naira currency has fallen to successive record lows, widening the difference between the official rate.” He added

The Minister noted that President Bola Tinubu signed two executive directives on Thursday allowing the domestic issuance of foreign currency instruments as well as the transfer of all funds outside the banking system into banks.

He added that funding would also come from state-owned oil business crude sales and foreign investment corporations ready to invest in Nigeria.