The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, yesterday disclosed that the country has achieved steady improvement in boosting the foreign reserves with about $2.35bn recorded in the last seven months.
He also hinted that the country is positioned to achieve a better Gross Domestic Product (GDP) result, higher than Ghana’s 6.9 per cent recorded at the end of the second quarter of the year.
He spoke in Lagos during the Access Bank Annual Corporate Forum, which brought together key stakeholders in the financial sector. The theme of the forum was “Nigeria’s Economic Rebirth: Hopes and Implications.”
Edun observed that the increase in foreign reserves has contributed significantly to the stability of the naira. Daily Trust reports that as of July 2024, Nigeria’s external reserves have hit $34.66 billion. According to Edun, the steady rise in the reserves had boosted liquidity in the foreign exchange market.
“We’ve seen a gradual elimination of multiple exchange rates,” he said, adding, “We also have foreign exchange liquidity. The gross reserves are up. There have been net inflows in the first seven months of this year of about $2.35 billion every month.”
