Nigerians Are Saving In Dollars Because They Already Lost Faith In Naira — Finance Minister, Edun

The Minister of Finance, Wale Edun, has stated that Nigerians are saving in Dollars because they have lost faith in the country’s currency, naira.

He stated that the recent appreciation of the Naira’s value demonstrated that Nigeria’s efforts to strengthen its currency are bearing benefits.

He mentioned this during a recent presentation to senior business leaders in Lagos State, Daily Post reports.

He stated that the country seeks all diasporic funds to bolster the Naira, adding that the country’s foreign direct investment dropped to N3.7 billion in 2023.

He said, “Because of lack of faith in the currency, people have decided to try to hold and save in dollars.

“We are targeting all the funds in the diaspora. There are all these funds that you have brought into your (local foreign currency) accounts; we are targeting them.”

Recall that in February, Dr. Oluyemi Cardoso, the Governor of the Central Bank of Nigeria had blamed the depreciation of the country’s currency, the Naira on “unnecessary panic and irrational decisions” made by some citizens.

Cardoso had said this morning during an interview with Arise News TV, monitored by SaharaReporters.

The apex bank governor had said the Naira as not getting the deserved rate for its value because some Nigerians panicked and made “irrational decisions.”