Nigeria expects $10 bn forex inflows in weeks to ease its liquidity shortage

Nigeria is expecting an influx of $10 billion in new foreign currency inflows within the coming weeks to ease liquidity challenges in the foreign exchange market, Finance Minister Wale Edun said during the Nigerian Economic Summit in the capital, Abuja, on Monday.

“The government has a line of sight on the inflows into the country in weeks rather than months,” he said.

The Minister explained that President Bola Tinubu recently signed two executive orders on Thursday to provide support to the currency market, which has been grappling with a persistent decline in value due to chronic shortages of the US dollar.

Under these orders, the government will permit the issuance of financial instruments in foreign currency domestically and facilitate the transfer of cash held outside the banking system into banks.

Source: Business Insider