Nigeria now records monthly net inflow of $2.35 billion into foreign reserves — Wale Edun
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The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said the country now records about $2.35 billion as net inflow into the Central Bank foreign reserves.
Edun made this statement while speaking at the Access Bank annual cooperate forum of 2024 in Lagos.
The Minister said the increase in foreign reserve has contributed significantly to the stability of the naira in the foreign exchange market.
According to him, this uptick has been the case for the past seven months of the year 2024.
“We have relative currency stability. And of course, the all important margin of the rates. We’ve seen a gradual elimination of multiple exchange rate.
“We also have foreign exchange liquidity. The gross reserves are up. There have 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 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%. Our revenue to GDP is also around 15%,” Edun said.