A man exchanges Nigeria’s currency Naira for US dollars in Lagos, Nigeria Nigeria is expecting a foreign exchange inflow of $10bn in the coming weeks, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said.
According to him, President Bola Tinubu has signed an executive order to allow under forbearance all cash in the domestic economy to legally come into the formal money supply. “Mr President announced that he had taken measures to ease illiquidity in the forex market which we know is very problematic at this time. The market is illiquid; it’s not functioning properly because there is no supply and there are various reasons for that,” he added.
“The solution that the President has put on the table is that he has signed an executive order that effectively allows under forbearance all the cash that is in the domestic economy to legally come into the formal money supply.“Along with that, there is another executive order that allows domestic issuance of foreign currency instruments so that they will have the incentive to provide that foreign exchange from whatever source.