Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has announced that Nigeria’s foreign reserves experienced a net inflow of $2.35 billion per month during the first seven months of 2024, Okay.ng reports.
Speaking on Thursday at the Access Bank corporate forum in Lagos, Edun attributed the increase in foreign reserves to the relative stability of the naira in the foreign exchange (FX) market and improved access to foreign currency.
“We have relative currency stability. And of course, the all-important margin of the rates. We’ve seen a gradual elimination of multiple exchange rates,” Edun said.
“We also have foreign exchange liquidity. The gross reserves are up. There has been a net inflow in the first seven months of this year of about $2.35 billion every month.
“On the fiscal side as well, government revenues are growing and the key to government revenue is not so much that the government has revenue to compete with the private sector.”
The minister noted that alongside the improvement in FX reserves, government revenues are also on the rise.
However, he emphasized that Nigeria’s tax to GDP ratio remains low at 10 percent, while the revenue to GDP ratio stands around 15 percent.
