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The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said Nigeria’s currency, the Naira, is relatively stable as the country now records about $2.35 billion as net inflow into the Central Bank foreign reserves.
Edun disclosed this recently while speaking at the Access Bank annual cooperate forum of 2024 in Lagos.
The Minister stressed that the net inflow was recorded in the first seven months of 2024.
According to him, the increase in foreign reserves has contributed significantly to the stability of the naira in the foreign exchange market.
“We also have foreign exchange liquidity. The gross reserves are up. There has been a net inflow in the first seven months of this year of about $2.35 billion every month.
“On the fiscal side as well, government revenues are growing and the key to government revenue is not so much that the government has revenue to compete with the private sector.
“It’s the fundamentals, the social and the key infrastructure spending. The social safety net spending. And historically, our figures are low. Our tax-to-GDP ratio is as low as 10 percent. Our revenue to GDP is also around 15 percent” Edun said.
This comes as the Naira appreciated on Wednesday to N1539.65 per dollar on the back of increased foreign reserves which stood at $36.865 billion as of September 12, 2024, according to CBN data.
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