Politics
Nigerians have lost Faith In Naira And Now Save In Dollars – Wale Edun
Nigerians have lost Faith In Naira And Now Save In Dollars – Wale Edun
Minister of Finance, Wale Edun, has highlighted a concerning trend: Nigerians are increasingly turning to Dollar savings due to their diminishing trust in the Naira. Speaking at a recent gathering of senior business figures in Lagos State, he pointed out that while the recent uptick in the Naira’s value is a positive sign of the nation’s currency strengthening efforts, there remains a palpable lack of confidence among the populace.
Edun emphasized the importance of tapping into diasporic funds to reinforce the Naira’s stability. He expressed concern over the decline in foreign direct investment, which plummeted to N3.7 billion in 2023. Addressing the audience, he remarked, “The prevailing lack of faith in our currency has prompted individuals to seek refuge in Dollar savings.”
He further iterated the government’s strategy of targeting diaspora funds, urging the repatriation of foreign currency deposits to support the local economy.
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Source: Bushradiogist
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