The foreign exchange market is witnessing a rise in inflows and the naira is stabilizing, as per the Federal Government’s insistence that the current reforms are starting to show benefits.
The Times recorded that, the government has instructed appropriate regulatory and enforcement bodies to deal with speculators and other dishonest individuals who are involved in activities that might weaken the naira both inside and outside the nation.
The Minister of Information and National Orientation, Mohammed Idris, made this revelation in a press release on Friday, February 23, 2024.
Mohammed added in the statement that the National Bureau of Statistics’ most recent data indicated that “capital inflow into Nigeria Increased by over 66% in Q4 2023 when compared with the previous quarter.
The Governor of the CBN has also emphasized that the new changes caused $1.8 billion to enter the FX market last week.
The minister gave his word that more actions will be taken by the Federal Government to keep the naira stable and protect the economy.
