Edun: Foreign reserves net inflow rises $2.35bn in seven months

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says Nigeria’s foreign reserves have seen a net inflow of about $2.35bn into the Central Bank’s coffers.

Edun disclosed this at the Corporate Customers Forum in Lagos on Thursday.

“There has been a net inflow in the first seven months of this year of about $2.35bn every month,” Edun stated, adding that this increase has played a key role in stabilising the naira in the foreign exchange market.

“We also have foreign exchange liquidity. The gross reserves are up,” the minister also said.

He attributed this growth to the government’s efforts and remarked, “On the fiscal side as well, government revenues are growing.”

Edun highlighted that the country’s tax-to-GDP ratio stood at 10 per cent, with the revenue to GDP at 15 per cent, calling for more infrastructure and social safety nets spending to address the low figures.

“We have relative currency stability, and of course, the all-important margin of the rates. We’ve seen a gradual elimination of multiple exchange rates,” Edun concluded.