Showcase the Activities of FEDERAL MINSTRY OF FINANCE & ECONOMIC DEVELOPMENT

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Showcase the Activities of
FEDERAL MINSTRY OF FINANCE & ECONOMIC DEVELOPMENT

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$6.8 Billion overdue forward payment responsible for naira's decline – Finance Minister, Adebayo Olawale Edun

He insists that addressing this issue is crucial for stabilizing the local currency. 

He clarified that the resolution of these unpaid contracts could fortify the naira's value and open avenues for additional foreign exchange inflow. 
Over the course of several months, the Nigerian naira has been on a consistent downward trajectory in terms of its value.

In the currency exchange parallel market yesterday, it neared the threshold of 1000 naira per US dollar.

This depreciation can be attributed to the insufficient supply of dollars by the central bank to this particular market. 

"The issue we have now is that the market is not liquid enough, 

"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,"

Projections by economists suggest that the central bank is poised to raise interest rates, but the timing remains uncertain due to the postponement of their next meeting, with no announced rescheduling. 

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.  
He stated, 

"The commitment is to maintain the existing reforms and improve them. Improving the FX market further so the gap narrows, looking at all options for boosting supply so the one-way bet of speculators that we are seeing at the moment is reversed."

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STATE HOUSE PRESS RELEASE

PRESIDENT TINUBU APPOINTS NEW AUDITOR-GENERAL OF THE FEDERATION

By powers vested in him by Section 86 of the 1999 Constitution (Amended), President Bola Tinubu has approved the appointment of Mr. Shaakaa Chira as the substantive Auditor-General of the Federation, as recommended by the Federal Civil Service Commission (FCSC).

The President approved Mr. Chira's appointment after the Federal Civil Service Commission (FCSC) conducted a screening exercise that identified Mr. Chira as the most qualified candidate who had also scored the highest in the examination amongst all qualified candidates for the office.

President Bola Tinubu expects the new Auditor-General to justify the confidence reposed in him and to live up to the high expectations that Nigerians have concerning the execution of the Renewed Hope Agenda of his administration.

Chief Ajuri Ngelale
Special Adviser to the President
(Media & Publicity)
October 20, 2023

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