According to Nigeria’s Finance Minister and Coordinating Minister for Economy, Mr. Wale Edun, the country’s foreign reserves increased significantly with a net inflow of $2.35 billion monthly. Mr. Edun made this disclosure during his speech at Access Bank’s annual corporate forum in Lagos, where he further credited this growth, in part, to higher interest rates, as well as naira devaluation, hence making Nigeria a more attractive destination in terms of foreign portfolio investments.
“We now enjoy some relative currency stability; multiplicity of exchange rates is gone, while foreign exchange liquidity has come back on track. This brings gross reserves up to a record high in history, standing at $34.66 billion by June 2nd,” Edun said.
Additionally, the government is endeavoring to increase a variety of exports, especially in the service sector, as it anticipates producing 2 million barrels of crude oil by the end of 2024. “Doing so would help the country generate more fiscal revenues,” Edun said.
The Central Bank of Nigeria disclosed that during July 2024, remittances valued at $553 million were received; an increase of 130 percent on the previous levels, highlighting the massive improvement in foreign exchange inflows into Nigeria. These positive trends for the economy of Nigeria are manifested by a stable local currency and increased inflow of foreign exchange.
