Why Nigerians lost faith in Naira – Finance Minister, Edun

Minister of Finance, Wale Edun, says Nigerians are saving in Dollars because they have lost faith in Naira.

He noted that the recent appreciation of Naira’s value showed that Nigeria’s effort to boost its currency is yielding results.

He disclosed this during his recent presentation to top business leaders in Lagos.

He said the country targets all diasporic funds to boost the Naira.

He added that the country’s foreign direct investment dropped to N3.7 billion in 2023.

He said, “Because of lack of faith in the currency, people have decided to try to hold and save in dollars.

“We are targeting all the funds in the diaspora. There are all these funds that you have brought into your (local foreign currency) accounts; we are targeting them.”

Meanwhile, in February, the Minister of Trade, Industry and Investment, Doris Uuzoka-Anite, said Nigeria attracted $30bn worth of investments during President Bola Tinubu’s first eight months in office.

“The Federal Government has secured an investment commitment of $30bn since we came into power eight months ago. It means the investors will bring in the money or a promise to bring in the investment.

“So, the money, investment proposal, and everything else are done,” she said.

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