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The Nigerian Federal Government is making arrangements to raise $10 billion to enhance liquidity within the foreign exchange market. On Tuesday, the naira plummeted to an unprecedented low of 1,850 against the dollar in the parallel market.
President Bola Tinubu, represented by Vice President Kashim Shettima, revealed this during the inaugural Public Wealth Management Conference held in Abuja on Tuesday.
The Ministry of Finance Incorporated orchestrated the event under the theme “Championing Nigeria’s Economic Prosperity.”
In a statement issued on Tuesday, Stanley Nkwocha, the Senior Special Assistant to the President on Media & Communications, clarified, “The Federal Government has set a target to generate a minimum of $10 billion to bolster foreign exchange liquidity, a critical component in stabilizing the naira and fostering economic growth. “At the heart of this objective is ensuring optimal management of the Federal Government’s assets and investments to unlock their revenue potential. This encompasses our ambitious and attainable plan to double the GDP growth rate and significantly expand the GDP base over the next 8 years.”
The President stressed transparency and accountability as fundamental principles, asserting that enhanced corporate governance, innovative partnerships, and the attraction of alternative investment capital would notably amplify returns.
He underscored that these enhanced returns would be channeled towards “essential funding for education, healthcare, housing, power, roads, and other crucial areas aimed at lifting millions out of poverty and stimulating sustainable economic development and youth job creation.” In the meantime, despite the heavy presence of security personnel at the Wuse Zone 4 currency market in Abuja, exchange rate fluctuations persisted nationwide on Tuesday.
Currency traders in Abuja quoted the dollar’s buying price at 1,820/$ and the selling price at 1,850/$, resulting in a profit margin of 30.
Source: PunchNG