Why Nigerians lost faith in Naira – Finance Minister, Edun

According to Finance Minister Wale Edun, Nigerians save in US dollars because they no longer trust the Naira.

He pointed out that the recent increase in the value of the Naira demonstrated the effectiveness of Nigeria’s efforts to strengthen its currency.

He revealed this during a recent presentation to prominent business leaders in Lagos.

He claimed that to strengthen the Naira, the nation targets all diasporic monies.

He continued by saying that in 2023, foreign direct investment into the nation fell to N3.7 billion.

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.”

Meanwhile, in February, the Minister of Trade, Industry and Investment, Doris Uuzoka-Anite, said Nigeria attracted $30bn worth of investments during President Bola Tinubu’s first eight months in office.

“The Federal Government has secured an investment commitment of $30bn since we came into power eight months ago. It means the investors will bring in the money or a promise to bring in the investment.

“So, the money, investment proposal, and everything else are done,” she said.

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