Highlighting the current scenario, Minister of Finance, Wale Edun, pointed out that Nigerians are now choosing to save in Dollars due to their dwindling faith in Naira.
He observed that the recent upsurge in the Naira’s value is a positive sign that Nigeria’s efforts to strengthen its currency are showing results.
This revelation was made during his recent address to prominent business figures in Lagos.
Emphasizing on strategies, he mentioned that the nation aims to utilize all diasporic funds to enhance the Naira’s standing.
Additionally, he noted a decline in the country’s foreign direct investment to N3.7 billion in 2023.
He commented, “Due to the lack of confidence in the currency, individuals are opting to hold and save in dollars.
“We are focusing on all funds in the diaspora. These are funds that have been deposited into your (local foreign currency) accounts; our focus is on them.”
Separately, in February, Minister of Trade, Industry and Investment, Doris Uuzoka-Anite, disclosed that Nigeria had attracted investments worth $30 billion during President Bola Tinubu’s initial eight months in office.
“Since assuming power eight months ago, the Federal Government has secured investment commitments totaling $30 billion. This signifies the investors’ intent to bring in their capital or fulfill the promised investments.
“Thus, the financing, investment proposals, and related arrangements are in place,” she elaborated.