President Bola Tinubu has assured Nigerians and investors that there is an ongoing plan to boost the country’s foreign exchange liquidity. This was as the Minister of Finance and Coordinating Minister of Economy, Wale Edun, revealed that the country was expecting about $10bn inflows in the nearest term, which would help to clear foreign exchange backlog and stabilize the naira. Mr Edun disclosed this while speaking during a panel session at the ongoing Nigeria Economic Summit (NES) in Abuja on Monday.
During the above meeting President Tinubu assured that his government is not blind to the challenges several Nigerians are facing in the financial markets.
“My government is not blind to the challenges several of you are facing in the financial markets. I can allay these concerns by revealing that we have a good line of sight for the additional foreign exchange liquidity that is required to restore market confidence,” president Tinubu said.
Over the past four months, the Naira has depreciated by over 50 per cent at both the authorised and unauthorised market segments, after the Central Bank of Nigeria (CBN) announced in June that it had collapsed all forex windows into the Investors and Exporters (I&E) window.
The move, according to the apex bank, is part of the Nigerian government’s efforts to improve liquidity and stability in the market and attract foreign investors into the Nigerian economy.
President Tinubu also outlined the eight priority items of his administration to include defeating poverty, achieving food security, economy growth and job creation,, access to capital, inclusivity, security, fairness and rule of law, and anti-corruption.
He mentioned several measures introduced by his government to resuscitate the economy, such as the N5bn intervention to support small businesses and the agriculture sector, and also announced upcoming initiatives, including a new student loan programme and consumer credit schemes.
