FG Looks to Secure $10 Billion to Stabilize Exchange Rate Amid Naira’s Decline

The Nigerian Federal Government is set to raise $10 billion to bolster liquidity in the foreign exchange market. This announcement comes as the naira hit a historic low of 1,850 per dollar on Tuesday in the parallel market.

Speaking at the inaugural Public Wealth Management Conference in Abuja, President Bola Tinubu, represented by Vice President Kashim Shettima, revealed this plan. Organized by the Ministry of Finance Incorporated under the theme “Championing Nigeria’s Economic Prosperity,” the conference aimed to address economic challenges.

Senior Special Assistant to the President on Media & Communications, Stanley Nkwocha, stated, “The Federal Government aims to raise $10 billion to enhance foreign exchange liquidity, a vital component for stabilizing the naira and fostering economic growth.”