Foreign reserves recorded a $16.45bn net inflow in seven months — Edun

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said on Thursday that Nigeria’s foreign reserves recorded a net inflow of $2.35 billion monthly in the first seven months of this year.

Cumulatively, this amounts to $16.45 billion in seven months.

The minister disclosed this at the 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 reserves.

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The minister noted that the country is currently enjoying relative currency stability.

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

“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.”

By: Babajide Okeowo

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