Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said that the Naira is now relatively stable, with a net inflow of $2.35 billion into the foreign reserves of the Central Bank.
Edun made the disclosure recently while speaking at the Access Bank 2024 Annual Cooperation Forum in Lagos.
The Minister emphasized that the net inflow was recorded within the first seven months of 2024.
He said the growth in foreign reserves had greatly contributed to the stability of the naira in the foreign exchange market.
“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.
“It’s the fundamentals, the social and the key infrastructure spending. The social safety net spending. And historically, our figures are low. Our tax-to-GDP ratio is as low as 10 percent. Our revenue to GDP is also around 15 percent” Edun said.
This was as the Naira appreciated to N1539.65 per dollar on Wednesday, with improving foreign reserves which stood at $36.865 billion as of September 12, 2024, according to statistics from the CBN.
