The federal government has assured Nigerians of its continued effort to stabilise the naira and safeguard the economy.
The Minister of Information and National Orientation, Mohammed Idris made this known in a press release on Friday.
Idris urged Nigerians to rest assured that President Bola Tinubu and his team remain committed to bringing immediate relief to the country.
He added that the government will continue to seek the patience and understanding of Nigerians as it pushes through these difficult times, into a season of abundant benefits and truly renewed Hope.
Idris noted that the federal government’s efforts through the Central Bank of Nigeria are yielding results.
He said,
“It is heartwarming to note that we are starting to see the results. Indeed, the naira is stabilizing, and the foreign exchange market is seeing a surge in inflows. The latest NBS figures show that capital importation into Nigeria rose by over 66 per cent in Q4 2023, compared with the preceding quarter. The CBN Governor has also highlighted that $1.8 billion flowed into the forex market last week, on the back of the new reforms.”
He however revealed that the efforts have been met with resistance from unscrupulous players within and outside the country.
“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, Idris said, “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.”
He added that this strategic alliance has led to the intelligence-led identification, investigation and sanctioning of individuals and organizations involved in illegal activities and sabotage within the forex market.
