Nigeria Is Expecting $10bn FX Inflows In Coming Weeks, Says Finance Minister

Posted by African Examiner Business News, Latest Headlines Tuesday, October 24th, 2023

(AFRICAN EXAMINER) – Nigeria is expecting a foreign exchange inflow of $10bn in the coming weeks, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said.

He made the remark on Monday when he spoke during a panel session at the Nigeria Economic Summit (NES).

“In addition, from the supply of foreign exchange through NNPC, increased production, reduced expenditure, from transactions such as forward sales, from our discussions with sovereign wealth funds, that are ready to invest and provide advanced alongside that investment, there is a line of sight of $10 billion worth of foreign exchange in the relatively near future in weeks rather months,” Wale Edun said at the event in Abuja.

According to him, President Bola Tinubu has signed an executive order to allow under forbearance of all cash in the domestic economy to legally come into the formal money supply.

“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,” he added.

“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.”