The Federal Government asserts that its ongoing reforms in the foreign exchange market are yielding positive results, with the naira showing signs of stabilization and increased inflows in the forex market.
According to a press statement released by the Minister of Information and National Orientation, Mohammed Idris, on Friday, February 23, 2024, the government has directed relevant regulatory and enforcement agencies to tackle speculators and other unethical actors involved in activities that could undermine the stability of the naira.
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The statement highlights recent data from the National Bureau of Statistics (NBS), indicating a significant 66% increase in capital importation into Nigeria during Q4 2023 compared to the previous quarter. Additionally, the reforms have led to a notable inflow of $1.8 billion into the foreign exchange market last week.
The Central Bank of Nigeria (CBN) has been commended for its proactive approach to enhancing liquidity in the forex market. The bank’s efforts include unifying exchange rates, addressing outstanding forex obligations, and implementing new operational mechanisms for commercial banks, Bureau De Change (BDC) operators, and International Money Transfer Operators (IMTOs).
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The Minister emphasized the government’s determination to combat resistance from speculators and other entities seeking to undermine the reforms. Regulatory and enforcement agencies have been collaborating to identify, investigate, and sanction individuals and organizations involved in illegal activities within the forex market.
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The government has directed these agencies to remain vigilant in preventing malpractices that could destabilize the currency, reassuring Nigerians of its commitment to safeguarding the economy and stabilizing the naira.
Looking ahead, the Federal Government pledges to take further measures to ensure the continued stability of the naira and the overall prosperity of the economy. Despite the current challenges, the government remains optimistic about overcoming these obstacles and achieving enduring prosperity for all Nigerians.