Nigeria’s foreign reserves have received a net inflow of $2.35 billion into the Central Bank’s coffers. This was revealed by Wale Edun, Minister of Finance and Coordinating Minister of the Economy, at the Corporate Customers Forum in Lagos on Thursday.
“There has been a net inflow in the first seven months of this year of about $2.35bn every month,” Edun stated, adding that this increase has played a key role in stabilizing the naira in the foreign exchange market.
He also said, “We also have foreign exchange liquidity. The gross reserves are up,” the minister continued. He attributed this growth to the government’s efforts and remarked, “On the fiscal side as well, government revenues are growing.”
Edun highlighted that the country’s tax-to-GDP ratio stands at 10 per cent, with the revenue to GDP at 15 per cent, calling for more infrastructure and social safety net spending to address these low figures.
“We have relative currency stability. And of course, the all-important margin of the rates. We’ve seen a gradual elimination of multiple exchange rates,” Edun concluded.
Bizwatch reported in July that Nigeria’s foreign reserves increased to $35.05 billion, according to Central Bank of Nigeria data. The current amount of reserves is a return to the early days of President Bola Tinubu’s presidency, when the reserves were above $35 billion.
