Nigeria’s external reserves increase by  $2.35bn net inflow

Nigeria’s external reserves have received a significant boost, with a net inflow of $2.35 billion in the first seven months of the year, Minister of Finance Wale Edun announced on Thursday.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed this at the Corporate Customers Forum in Lagos state

“There has been a net inflow in the first seven months of this year of about $2.35billion every month,” Edun stated, adding that this increase has played a key role in stabilizing the naira in the foreign exchange market.

He also said, “We also have foreign exchange liquidity. The gross reserves are up,” the minister continued. He attributed this growth to the government’s efforts and remarked, “On the fiscal side as well, government revenues are growing.”

The Minister attributed the growth to the government’s efforts, emphasizing the need for increased infrastructure and social safety net spending to address low tax-to-GDP and revenue-to-GDP ratios.

In July, Nigeria’s foreign reserve rose to $35.05 billion, according to Central Bank of Nigeria data. This marks a return to the levels seen during the early days of President Bola Tinubu’s administration.