Minister of Finance, Wale Edun, says the federal government is on talks with the World Bank on how to address liquidity in the foreign exchange market.
He assured Nigerians that a solution to the foreign exchange crisis in the country was underway.
Edun gave the assurance following a meeting with World Bank officials.
Speaking in Abuja at the Business Lunch hosted in his honour and three other Ministers, the minister revealed the Federal Government’s plans to tackle the economic challenges facing the country.
“I have just risen from a meeting of the Economic Coordination Committee as stipulated by His Excellency, President Bola Ahmed Tinubu to make sure that there is collaboration, coordination and cooperation…
“Even earlier, we were meeting with the World Bank. As we know, this is a time of very tight foreign exchange liquidity. So, it must be sought and found wherever.”
According to the minister, one of those cheap and viable ways is foreign exchange funding, which virtually comes free and at zero interest from the World Bank, a multilateral development institution set up to help developing countries such as ours.
“And of course, you have to be able to tell them, this is the economic plan. You all know the measures that Mr. President has taken. We have briefly dealt with the issue of subsidy that was draining government revenues. He has briefly dealt with the foreign exchange situation and multiple windows, which was deterring investors.
“But as we know, there is much to be done. So, this morning’s session (Thursdays) was a way of explaining our plan to attract the cheapest or most available of those funds,” he stated.
Edun appealed to the public for patience, emphasising that the Federal Government is racing against time to proffer solutions to the nation’s economic problems.