The Federal Government has disclosed that the country recorded a foreign exchange inflow of $1.8 billion last week.
It attributed the feat to the ongoing reforms in the foreign exchange market, which it noted, were beginning to yield results, with the naira stabilising.
Minister of Information and National Orientation, Mohammed Idris, who made this known in a statement issued on Friday, said the government had directed relevant regulatory and enforcement agencies to deal with speculators and other unscrupulous players within and outside the country who are engaged in malpractices capable of undermining the naira.
“The CBN has been proactive, initiating a comprehensive strategy to enhance liquidity in the forex market.
“In addition to unifying the rates, the bank has also cleared a significant amount of outstanding Forex obligations, and outlined new operational mechanisms for commercial banks, Bureau De Change (BDC) operators and International Money Transfer Operators (IMTOs).
“It is heart-warming to note that we are starting to see the results. Indeed, the naira is stabilising, and the foreign exchange market is seeing a surge of inflows.
“The CBN Governor has also highlighted the fact that $1.8 billion flowed into the forex market last week, on the back of the new reforms,” Idris said.
He further stated that the latest figure from the National Bureau of Statistics (NBS) showed that capital importation into Nigeria increased by over 66 per cent in Q4 2023 when compared with the previous quarter.
He also noted that the new reforms have led to an inflow of $1.8 billion into the foreign exchange market last week.
The minister decried the resistance with which some of the CBN’s reforms have been met with, saying: “Sadly, as with any effort to reform and sanitise a system entrenched in long-term malpractice, the CBN’s efforts have been met with ferocious resistance from speculators and other unscrupulous players within and outside our country, who profit from dysfunction and opacity.
“To tackle this, regulatory and enforcement agencies of government have been working round the clock in the past few days, joining forces to address these efforts at undermining the reforms. That strategic alliance has led to the intelligence-led identification, investigation and sanctioning of individuals and organisations involved in illegal activities and sabotage within the forex market.
“Relevant regulatory and security agencies have been directed to remain vigilant to ensure that malpractices capable of undermining our currency are averted and that those engaged in these acts are brought to book. The government will not allow its efforts to be jeopardised.
“The emerging stability of the naira is in the interest of all Nigerians,” he added.
Idris assured that the Federal Government will continue to take further steps to stabilise the naira and safeguard the economy, even as he solicited the patience and understanding of Nigerians to push through these difficult times.