Foreign Reserves Hit $2.35bn Net Inflow – Edun

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun has said Nigeria’s foreign reserves have seen a net inflow of about $2.35bn into the Central Bank’s coffers.

The Minister made this known while speaking at the Corporate Customers Forum in Lagos state on Thursday.

He said, “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.

READ ALSO

• Subsidy: Rising Oil Price Will Boost Govt Revenue, Increase Foreign Reserves –Experts
• CBN: Foreign reserves depletion cuts LC payments to $1.14bn
• Only Foreign Reserves Adequacy Can Guarantee Stable Exchange Rate –Ayo Teriba

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.