Why Nigerians lost faith in naira - Finance minister, Edun reveals

Minister of Finance, Wale Edun, has stated that Nigerians are saving in the US dollars because they no longer have faith in the country's currency, the naira.

According to him, the recent appreciation of the naira’s value is a sign that country's effort to boost its currency is becoming a success story.

Edun made this known during his recent presentation to great business leaders in Lagos.

Edun added that the country targets all diasporic funds to boost the naira.

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.”

Recall that in February 2024, the Minister of Trade, Industry and Investment, Doris Uuzoka-Anite, disclosed that Nigeria attracted $30bn worth of investments during President Bola Tinubu’s first eight months in office.

She said: “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."

BEB