The Ministry of Finance Incorporated hosted an event themed “Championing Nigeria’s Economic Prosperity” aimed at raising $10bn to enhance liquidity in the foreign exchange market. Vice President Kashim Shattima, representing President Bola Ahmed Tinubu, disclosed this during the inaugural Public Wealth Management Conference in Abuja on Tuesday.
However, on the same day, the naira plummeted to an all-time low of 1,850 per dollar in the parallel market. Despite efforts to address economic challenges, currency traders in Abuja reported exchange rates with a buying price of 1,820/$ and a selling price of 1,850/$, reflecting ongoing volatility.
President Tinubu emphasized transparency and accountability as foundational principles, highlighting the importance of improved corporate governance and innovative partnerships to attract investment capital. These efforts aim to channel returns towards critical sectors such as education, healthcare, housing, and infrastructure, with the goal of lifting millions out of poverty and fostering sustainable economic development, particularly for the youth.
Stanley Nkwocha, the Senior Special Assistant to the President on Media & Communications, reiterated the government’s commitment to raising $10bn to bolster foreign exchange liquidity, a crucial step towards stabilizing the naira and bolstering economic growth.
Despite the heavy presence of security personnel at the Wuse Zone 4 currency market in Abuja, exchange rate volatility persisted, prompting concerns among stakeholders. Ibrahim Taura, a bureau de change operator, warned that rates might reach an unprecedented low of 2,000/$ without proper intervention. Another operator expressed frustration, stating that they could only conduct transactions at 1,700/$, indicating the challenging business environment.
These developments show the emotional impact of economic uncertainty, fostering anxiety and apprehension among individuals and businesses alike. As stakeholders await decisive measures to address the situation, masses remains filled with tension and uncertainty.
