Why Nigerians lost faith in Naira – Finance Minister, Edun

Minister of Finance, Wale Edun, has lamented that Nigerians have lost faith in the nation’s currency, the Naira, and are now saving in Dollars.

Speaking at a recent event in Lagos, he noted that the recent appreciation of Naira’s value showed that Nigeria’s effort to boost its currency is yielding results.

He said the country targets all diasporic funds to boost the Naira. The country’s foreign direct investment dropped to N3.7 billion in 2023.

“Because of a 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,” he said.