Nigeria expects $10 billion of forex inflows in weeks- Finance Minister

The Minister of Finance and coordinating of the economy, Mr. Wale Edun has stated that around $10 billion of forex inflows is expected within weeks rather than months.

Mr Edun stated this during a panel session at the ongoing Nigeria Economic Summit and answered questions concerning stabilizing the foreign exchange market and enshrining liquidity in the market.

He said,

The Minister further said President Tinubu has signed two executive orders geared towards ensuring liquidity in the forex market.

He said,

Since the unification of the foreign exchange market in June, the naira’s value has slumped by over 100% on the parallel market.

The current CBN management has introduced a slew of measures to provide liquidity but the chasm between the rate on the I&E window and parallel market continues to widen.