Foreign exchange reserves record net inflow of $16.45 billion in seven months — Edun

Finance Minister and Coordinating Minister for Economic Affairs, Wale Edun, said on Thursday that Nigeria’s foreign exchange reserves recorded a net inflow of $2.35 billion each month in the first seven months of this year.

Cumulatively, the amount reached $16.45 billion in seven months.

The minister disclosed this at an Access Bank Plc corporate forum in Lagos.

He said the stability of the naira in the foreign exchange market led to an increase in foreign exchange reserves.

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The minister noted that the country currently enjoys relative currency stability.

Edun said: “We have relative currency stability. And most importantly, the exchange rate margin. We have seen the gradual elimination of various exchange rates.

“We also have foreign exchange liquidity. Gross reserves are increasing. There was a net inflow in the first seven months of this year of about $2.35 billion each month.

“On the fiscal side, government revenues also continue to increase and the key to government revenues is not the government’s ability to compete with the private sector.”

By: Babajide Okeowo

Forex reserves record net inflow of $16.45 billion in seven months — Edun first appeared on Latest Nigeria News | Top Stories from Ripples Nigeria.