Nigeria has recorded a notable net inflow of approximately $2.35 billion into its foreign reserves, according to Finance Minister Wale Edun. This announcement was made at the Corporate Customers Forum in Lagos on Thursday.
Edun revealed that this monthly influx has been consistent over the first seven months of the year, significantly contributing to the stabilization of the naira in the foreign exchange market. He stated, “This increase has played a key role in maintaining stability.”
The minister also mentioned improvements in foreign exchange liquidity, with gross reserves rising to $35.05 billion as of July. This marks a return to levels seen at the start of President Bola Tinubu’s administration, when reserves remained above the $35 billion threshold.
Highlighting the fiscal landscape, Edun noted that Nigeria’s tax-to-GDP ratio is currently at 10 percent, with revenue at 15 percent. He emphasized the need for increased infrastructure and social safety net spending to enhance these figures.
“We have relative currency stability and a gradual elimination of multiple exchange rates,” Edun concluded, underscoring the government’s commitment to fostering economic growth and stability.