Nigeria finance minister blames Naira’s dive on overdue payments

Nigeria’s finance minister Adebayo Olawale Edun said up to $6.8 billion of overdue forward payments in the foreign exchange market need to be addressed before the naira stabilises. The currency of Africa’s largest economy extended a months-long slide and hurtled toward the 1000-per-dollar mark in street trading on Thursday, as the central bank held back from supplying dollars to a panic-stricken market.

The issue we have now is that the market is not liquid enough,” Edun said in an interview in New York. “We are committed to encouraging liquidity based on reforms that have been made at the moment, on the fiscal side and the monetary side. And together with the restoration of trust and confidence we think the FX flows will return.” Nigeria’s central bank on Thursday postponed a rate-setting meeting scheduled for September 25-26.

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