Business News

Forex crisis: FG Begins talks with World Bank, solution underway 

Minister of Finance, Wale Edun, has assured Nigerians that a solution to the foreign exchange crisis in the country is underway.  

He made this disclosure yesterday following a meeting with World Bank officials on how to address liquidity in the foreign exchange market.  

Speaking in Abuja at the Business Lunch hosted in his honour and three other Ministers, Edun revealed the Federal Government’s plans to tackle the economic challenges facing the country.  

Speaking further, the Minister appealed to the public, emphasizing that the Federal Government is racing against time to proffer solutions to the nation’s economic problems.  

He said 

Nigeria’s foreign exchange market has maintained a steady decline as the naira continues to fall freely against the dollar, hitting the threshold of N1,000 to 1$ at the parallel market.  

According to Wale Edun, the Minister of Finance, this incessant decline is due to the overdue backlog payment of $6.8 billion, resulting in a shortage in the supply of dollars at the CBN.  

The Federal Government, however, has said that at the top of the administration’s priority is stabilizing the currency. 

The President has recently appointed new CBN leadership to oversee the monetary policies of the apex bank and drive the net inflow of dollars into the country.