Elizabeth O.
During a recent event in Lagos, Minister Edun acknowledged that the recent appreciation of the Naira’s value indicated that Nigeria’s efforts to strengthen its currency were yielding positive outcomes.
In a report, he emphasized the country’s objective to utilize diasporic funds as a means to bolster the Naira. Furthermore, he highlighted that foreign direct investment in Nigeria declined to N3.7 billion in 2023.
Due to the prevailing lack of faith in the Naira, people have opted to hold and save their money in dollars. Minister Edun stated, “We are focusing on capturing all the funds originating from the diaspora. These encompass the funds that have been deposited in your local foreign currency accounts; our aim is to target them.”
