Nigeria’s Finance Minister, Adebayo Olawale Edun, has attributed the naira’s incessant decline to approximately $6.8 billion in overdue forward payments within the foreign exchange market, according to Bloomberg.
He clarified that the resolution of these unpaid contracts could fortify the naira’s value and open avenues for additional foreign exchange inflow.
He insists that addressing this issue is crucial for stabilizing the local currency.
This scarcity has resulted in a swift decline in the value of the naira, which has plummeted from about 900 naira per dollar at the onset of September.
In response to the delay and speculations, the Minister of Finance, Mr. Wale Edun, has assured the public that the situation will inevitably reverse once there is a boost in the supply of dollars in the market.
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