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Edun: Nigeria Expecting $10bn Inflows in Few Weeks

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Nigeria’s Minister of Finance, Wale Edun, has said that as much as $10billion new foreign currency is being expected in the next few weeks to ease acute dollar shortages in the FX market

The Minister gave the assurance on Monday during the ongoing NESG conference.

According to the Minister, President Bola Tinubu on Thursday signed two executive orders to support the currency market, which collapsed due to chronic dollar shortages.

Edun explained that the government would allow domestic issuance of instruments in foreign currency and also allow all cash outside the banking system to be brought into the banks.

Nigeria is in the middle of a foreign exchange crisis that has sent the naira tumbling on both the official and parallel markets, worsening a cost of living crisis for businesses and households in Africa’s most populous nation, BusinessDay reports.

There’s an estimated $10 billion dollar demand backlog that has knocked confidence in the new administration’s far-reaching fx reforms which say the naira slide by 40 percent in one fell swoop in June,  the report said.

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