FG Seeks $10B to Stabilize Exchange Rate Amid Naira devaluation

Naira exchange
Naira exchange Google

The Federal Government is planning to raise $10bn to enhance liquidity in the foreign exchange market. The naira hit an all-time low of 1,850 per dollar at the parallel market on Tuesday.

President Bola Tinubu, represented by Vice President Kashim Shettima, revealed this at the inaugural Public Wealth Management Conference themed “Championing Nigeria’s Economic Prosperity” in Abuja on Tuesday.

The Senior Special Assistant to the President on Media & Communications, Stanley Nkwocha, clarified in a statement on Tuesday that the Federal Government aims to raise a minimum of $10bn to enhance foreign exchange liquidity, a vital element for stabilizing the naira and expanding the economy.

The President highlighted transparency and accountability as crucial principles, stating that improved corporate governance, innovative partnerships, and attracting alternative investment capital would lead to a significant increase in returns.

He pointed out that these enhanced returns will be allocated towards essential funding for education, healthcare, housing, power, roads, and other critical areas necessary to lift millions out of poverty and promote sustainable economic development and youth employment.

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