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 the Economy, Wale Edun, said that the country was expecting about $10bn inflows in the nearest term, which would help to clear foreign exchange backlog and stabilise the naira.
Speaking at the 29th Nigerian Economic Summit in Abuja on Monday, Tinubu acknowledged the challenges faced by the business community in the financial markets and assured them of additional foreign exchange liquidity to restore market confidence.
He also emphasized his administration’s commitment to strengthening governance by establishing a performance and result-oriented public and civil service culture and structure.
The President outlined the eight priority items of his administration to include ending poverty, achieving food security, economic 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.
Additionally, he added, stringent measures should be implemented to prevent hoarding of dollars.
He said, “It is noteworthy that numerous transactions in Nigeria necessitate payments in dollars, including some educational institutions that collect fees in this currency. While their approach is understandable due to the uncertainty surrounding the future, efforts should be made to mitigate such practices.”
Economist and Managing Director of Optimus by Afrinvest, Ayodeji Ebo, said, “There is no magic on why the naira keeps falling. The recurring depreciation of the naira is due to the insufficient supply of dollars. There is no supply at all.
“The government must address oil leakages, and enhance production. and engage with stakeholders to curb speculation. Again, there is so much silence and it’s leading to speculations. Aside from the President mentioning today that they are working on securing $10bn. They need to engage with stakeholders and break the silence.”
Written by: Kevin Nwabueze
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