On Thursday, Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, announced that the country’s foreign reserves experienced a significant net inflow of $2.35 billion each month during the first seven months of this year. This steady influx has resulted in a cumulative total of $16.45 billion over the same period.
Edun shared this information at the Access Bank Plc corporate forum held in Lagos. The impressive growth in foreign reserves highlights the positive financial developments taking place in Nigeria.
He attributed this increase in foreign reserves to the enhanced stability of the naira within the foreign exchange market. According to Edun, this stability has played a crucial role in boosting the country’s reserves.
The minister emphasized that the current period is marked by relative currency stability, which has been beneficial for Nigeria’s economic standing. This situation underscores the effectiveness of recent financial strategies and policies.
Overall, the reported inflows reflect a positive trend in Nigeria’s economic management and provide a strong foundation for future economic stability and growth.
Edun said: “We have relative currency stability. And most importantly, the margin of the rates. We have seen a gradual elimination of multiple exchange rates.”
“We also have foreign exchange liquidity. The gross reserves are up. There has been a net inflow in the first seven months of this year of about $2.35 billion every month.”
“On the fiscal side as well, government revenues are growing and the key to government revenue is not so much that the government has revenue to compete with the private sector.”
