FX RATES
FX RATES

CBN And Ministry Of Finance Working Tirelessly To Increase Foreign Exchange Inflow

The minister of finance Mrs zainab ahmed has revealed that the central bank of nigeria in partnership with the ministry of finance are working tirelessly in diminishing the forex gap between the official and unofficial window in the foreign exchange market.

With the current national debt, questions about the debt situation in nigeria could not be avoided during the interview conducted. However the minister of finance buttressed that Nigeria’s national debt are serviceable and are justified by its expenditure.

She further stated that new sources of income are being developed to improve revenue source spread due to Nigeria’s over dependence on oil revenue.

The minister stated that although revenue means are growing government spending continues to eclipse income. She also expressed her dismay with the situation in the forex market stating that the most feasible solution lying in the oil and gas sector “what we have to do is to improve the sources of foreign exchange earnings. Right now, the predominant source is oil and gas,” she said.

 

She concluded by giving various options to curb forex market gap explaining that foreign capital market as well as the dangote refinery which will be operational in 2022 would reduce government spending and earn foreign exchange.

 

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