Adebayo Olawale Edun, Nigeria’s Finance Minister, has cited the delayed $6.8 billion forward payments in the foreign exchange market as the cause of the naira’s decline. He emphasized that resolving these overdue contracts is essential for naira stabilization and potential increased foreign exchange inflows.
The naira has been steadily losing value, nearing 1000 naira per dollar in the parallel market due to inadequate dollar supply from the central bank.
Edun, who accompanied President Bola Tinubu to the United Nations General Assembly in New York, expressed the government’s commitment to liquidity improvement through ongoing fiscal and monetary reforms, aiming to restore trust and confidence in the foreign exchange market.
Nigeria’s central bank postponed a scheduled meeting because they are awaiting confirmation of their new governor, Olayemi Cardoso. The central bank has been less active this month, contributing to the naira’s rapid depreciation from around 900 naira per dollar at the start of September.
The lack of foreign currency supply has driven people to seek dollars on the streets, while Nigeria faces its highest inflation rate in over 18 years. Economists anticipate a potential interest rate increase at the next central bank meeting, which has been postponed to an unspecified date.
Edun affirmed the commitment to maintain and enhance existing reforms, improve the foreign exchange market, and explore supply-boosting options to counter speculative trading trends.
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