Abuja, Oct. 23, 2023 – Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, says Nigeria is expecting about $10 billion inflow of foreign exchange soon.
He said this on Monday while speaking at a panel discussion at the ongoing Nigeria Economic Summit in Abuja.
The minister said that there was about $10 billion worth of foreign exchange insight in the relatively near future
He said President Tinubu had signed two executive orders to ensure more liquidity in the foreign exchange market.
“Mr President announced that he had taken measures to ease illiquidity in the forex market which we know is very problematic at this time.
“The market is illiquid; it’s not functioning properly because there is no supply and there are various reasons for that.
“The solution that the President has put on the table is that he has signed an executive order that effectively allows under forbearance all the cash that is in the domestic economy to legally come into the formal money supply.
“Along with that, there is another executive order that allows domestic issuance of foreign currency instruments so that they will have the incentive to provide that foreign exchange from whatever source,” he said. (GBN)
