Hope on the Horizon: Nigeria Eyes $10 Billion in Foreign Exchange Inflows
Nigeria is anticipating foreign exchange inflows totalling $10 billion in the near future, according to the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
The minister made this announcement during a panel session at the Nigeria Economic Summit (NES) in Abuja. This development comes as the country seeks to address ongoing forex challenges that have seen the naira depreciate substantially over the past few months.
The forex inflows are expected to come from various sources, including transactions such as forward sales, discussions with sovereign wealth funds, and investment commitments from foreign investors.
President Tinubu has also signed executive orders aimed at easing illiquidity in the forex market by bringing cash into the formal money supply.
This news comes amidst efforts by the Nigerian government to attract foreign investments and improve the liquidity and stability of the forex market, which has been facing significant challenges.
The devaluation of the naira has had ripple effects on the economy, including increased pressure on manufacturers and higher domestic prices.
These anticipated forex inflows are expected to provide much-needed relief to Nigeria’s forex market and help stabilise the naira.
Source: Premium Times
