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Naira Crisis: FG Seeks $10bn To Stabilise Exchange Rate
EKO HOT BLOG reports that the Nigerian Federal Government is planning to raise $10 billion to enhance liquidity in the foreign exchange market. The naira fell to an all-time low of 1,850 per dollar at the parallel market on Tuesday.
President Bola Tinubu, represented by Vice President Kashim Shettima, revealed this during the inaugural Public Wealth Management Conference in Abuja on Tuesday.
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The Ministry of Finance Incorporated organised the event with the theme “Championing Nigeria’s Economic Prosperity”.
In a statement on Tuesday, the Senior Special Assistant to the President on Media & Communications, Stanley Nkwocha explained, “The Federal Government set a goal to raise at least $10bn in order to increase foreign exchange liquidity, a key ingredient to stabilise the naira and grow the economy.
Exchange rate
“At the core of this is ensuring optimal management of the assets and investments of the Federal Government towards unlocking their revenue potential. This includes our bold and achievable plan to double the GDP growth rate and significantly increase the GDP base over the next 8 years.”
The President further emphasised transparency and accountability as key principles, believing that improved corporate governance, innovative partnerships, and attracting alternative investment capital would significantly increase returns.
He noted that these improved returns will then be directed towards “crucial funding for education, healthcare, housing, power, roads and other areas vital to lifting millions out of poverty and stimulating sustainable economic development and job creation for the youth”.
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In June 2023, the Central Bank of Nigeria floated the naira after unifying all segments of the forex market, which has resulted in significant devaluation of the local currency.
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