Nigeria’s Finance Minister, Wale Edun, has provided assurance to the public that a solution to the country’s foreign exchange crisis is in progress. He disclosed this after a meeting with World Bank officials focused on addressing liquidity issues in the foreign exchange market.
Speaking during a Business Lunch event held in his honor alongside three other Ministers in Abuja, Edun outlined the Federal Government’s plans to confront the economic challenges facing the nation. He emphasized the importance of collaboration, coordination, and communication in the economic management of Nigeria.
Edun mentioned key elements of the economic management framework, including consultations with stakeholders, particularly the private sector. He also highlighted the importance of the updated and expanded national development plan.
Key Points to Note the Foreign Exchange Crisis
Addressing the issue of foreign exchange liquidity, Edun noted the tight conditions and the need to seek viable solutions. He stressed the significance of foreign exchange funding, which often comes with low or zero interest rates from institutions like the World Bank, established to assist developing countries.
The Finance Minister mentioned steps taken by the President to address issues such as subsidy reduction and the simplification of the foreign exchange system to attract investors.
Edun also appealed to the public, highlighting the urgency of the government’s efforts to find solutions to economic challenges. He mentioned President Tinubu’s emphasis on encouraging investments to boost productivity, grow the economy, create jobs, and reduce poverty.
Nigeria’s foreign exchange market has faced a consistent decline, with the naira depreciating against the dollar, primarily due to a backlog payment of $6.8 billion.
The Federal Government’s top priority is stabilizing the currency, and recent appointments have been made to oversee monetary policies and increase the inflow of dollars into the country.
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