FG promises to stabilizes forex market

The Federal Government on Saturday promised to implement macroeconomic reforms to stabilise the foreign exchange market.

The Minister of Information and National Orientation, Mohammed Idris, gave the assurance, at the 2024 Press Week of the Niger State Chapter of the Nigeria Union of Journalists (NUJ) in Minna, Niger State.

The government’s assurance followed concerns by Nigerians on the free fall of Naira in the forex market.

Idris, who was represented at the event by the Director-General of the Voice of Nigeria (VON), Jibrin Baba Ndace, said the government would implement reforms that would boost economic growth, curb inflation, ease the cost of living, and stabilise the forex market.

He stressed that the year holds a lot of prospects for Nigerians as some of the government’s initiatives begin to bear fruits.

The minister said: “The Tinubu administration will continue to implement macroeconomic reforms to achieve broad economic objectives of sustained economic growth.

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“The reforms will bring down inflation, ease the cost of living, stabilise foreign exchange and create jobs, among others.”

He said the recent decision to relocate certain departments of the Central Bank of Nigeria (CBN) and the headquarters of the Federal Airports Authority of Nigeria (FAAN) to Lagos was part of a broader strategy to enhance operational efficiency.

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The naira recovered as it appreciated slightly against the dollar on Friday, February 2, 2024.

The domestic currency closed at N1,435.53/$1 as against the N1,461.90/$1on the last day of the month representing a gain of N26.37 data from the Nigerian Autonomous Foreign Exchange NAFEM window where forex is officially traded has shown

The naira also appreciated against the Canadian dollar as it closed at N1100/CA$1 as against the N1150/CA$1 it traded the previous day representing a gain of N50.

The naira also appreciated by N50 against the Euro, trading at ₦1,550/€1 as against the previous closing price of ₦1,600/€1.