{"id":114335,"date":"2024-09-19T19:11:51","date_gmt":"2024-09-19T18:11:51","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=114335"},"modified":"2024-09-19T19:11:51","modified_gmt":"2024-09-19T18:11:51","slug":"foreign-reserves-hit-2-35bn-net-inflow-edun","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/foreign-reserves-hit-2-35bn-net-inflow-edun\/","title":{"rendered":"Foreign reserves hit $2.35bn net inflow \u2014 Edun"},"content":{"rendered":"
\n
Nigeria\u2019s foreign reserves have seen a net inflow of about $2.35bn into the Central Bank\u2019s coffers.<\/div>\n
\n
\n
\nThis was disclosed by Minister of Finance and Coordinating Minister of the Economy, Wale Edun, at the Corporate Customers Forum in Lagos state on Thursday.<\/p>\n

\u201cThere has been a net inflow in the first seven months of this year of about $2.35bn every month,\u201d Edun stated, adding that this increase has played a key role in stabilizing the naira in the foreign exchange market.<\/p>\n

He also said, \u201cWe also have foreign exchange liquidity. The gross reserves are up,\u201d the minister continued. He attributed this growth to the government\u2019s efforts and remarked, \u201cOn the fiscal side as well, government revenues are growing.\u201d<\/p>\n

Edun highlighted that the country\u2019s tax-to-GDP ratio stands at 10 per cent, with the revenue to GDP at 15 per cent, calling for more infrastructure and social safety net spending to address these low figures.<\/p>\n

\u201cWe have relative currency stability. And of course, the all-important margin of the rates. We\u2019ve seen a gradual elimination of multiple exchange rates,\u201d Edun concluded.<\/p><\/div>\n<\/div>\n<\/div>\n

<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Nigeria\u2019s foreign reserves have seen a net inflow of about $2.35bn into the Central Bank\u2019s coffers. 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