FG Promises To Stabilize Forex Market

The Federal Government has pledged to implement macroeconomic reforms aimed at stabilizing the foreign exchange market. The commitment was made by the Minister of Information and National Orientation, Mohammed Idris, during the 2024 Press Week of the Niger State Chapter of the Nigeria Union of Journalists (NUJ) in Minna, Niger State.

Addressing concerns raised by Nigerians regarding the free fall of the Naira in the forex market, Idris, represented by the Director-General of the Voice of Nigeria (VON), Jibrin Baba Ndace, assured that the government is dedicated to implementing reforms. These reforms are envisioned to stimulate economic growth, mitigate inflation, alleviate the cost of living, and bring stability to the foreign exchange market.

He stressed that the year holds a lot of prospects for Nigerians as some of the government’s initiatives begin to bear fruits.

The minister said: “The Tinubu administration will continue to implement macroeconomic reforms to achieve broad economic objectives of sustained economic growth.

“The reforms will bring down inflation, ease the cost of living, stabilise foreign exchange and create jobs, among others.”

He said the recent decision to relocate certain departments of the Central Bank of Nigeria (CBN) and the headquarters of the Federal Airports Authority of Nigeria (FAAN) to Lagos was part of a broader strategy to enhance operational efficiency.