Edun says Nigeria’s Foreign reserves is at $2.35bn net inflow

Minister of Finance and Coordinating Minister of the Economy, Wale Edun

Edun says Nigeria’s Foreign reserves is at $2.35bn net inflow.

Nigeria’s foreign reserves have seen a net inflow of about $2.35bn into the Central Bank’s coffers.

This was disclosed by Minister of Finance and Coordinating Minister of the Economy, Wale Edun, at the Corporate Customers Forum in Lagos state 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.”

According to the record of July, Nigeria’s foreign reserve rose to $35.05bn according to the data from the Central Bank of Nigeria. The current level of the reserves marks a return to the early days of President Bola Tinubu’s administration when the reserves stayed above the $35bn mark.

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 said.