Nigeria anticipates an influx of $10 billion in fresh foreign currency within the coming weeks, to alleviate liquidity challenges in the foreign exchange market, as communicated by Finance Minister Wale Edun during a conference held on Monday.
Edun announced that President Bola Tinubu took action on Thursday by signing two executive orders designed to provide crucial support to the currency market. This move was prompted by the sustained depreciation of the currency resulting from persistent dollar shortages.
In his statement, Edun conveyed that the government’s approach includes permitting the domestic issuance of financial instruments denominated in foreign currency. Additionally, they will facilitate the transition of cash currently outside the banking system into the formal banking channels.
These significant measures, initiated by President Bola Tinubu and articulated by Finance Minister Wale Edun, mark a pivotal moment in Nigeria’s economic strategy. By addressing the challenges of foreign exchange liquidity, they aim to stabilize the currency market and stimulate economic growth.
As these executive orders take effect, they bring hope of renewed confidence in the Nigerian economy, attracting both foreign investors and ensuring a more robust financial landscape for the nation’s future. It is a decisive step towards mitigating the chronic dollar shortages that have weighed on the currency, signaling a path toward financial stability and prosperity.