{"id":3674,"date":"2023-10-23T19:39:19","date_gmt":"2023-10-23T19:39:19","guid":{"rendered":"https:\/\/abujacityjournal.com\/livenews\/?p=3674"},"modified":"2023-10-23T19:39:19","modified_gmt":"2023-10-23T19:39:19","slug":"fg-anticipates-10bn-inflows-to-bolster-forex-market","status":"publish","type":"post","link":"https:\/\/abujacityjournal.com\/livenews\/2023\/10\/23\/fg-anticipates-10bn-inflows-to-bolster-forex-market\/","title":{"rendered":"FG Anticipates $10bn Inflows to Bolster Forex Market"},"content":{"rendered":"<p><em><b>Uchendu Alexis<\/b><\/em><\/p>\n<p>Nigeria is set to receive an estimated $10 billion in additional foreign currency inflows in the coming weeks, in a substantial step aimed at relieving liquidity bottlenecks in the foreign exchange market.<\/p>\n<p>This declaration was delivered by Finance Minister Wale Edun at the Nigerian Economic Summit in Abuja.<\/p>\n<p>Minister Edun expressed the government&#8217;s optimism regarding these impending inflows, emphasizing that they are expected to arrive in a matter of weeks rather than months. The government&#8217;s proactive stance comes as President Bola Tinubu recently signed two executive orders designed to fortify the currency market, which has been grappling with a prolonged devaluation attributed to persistent shortages of the US dollar. These executive orders are set to enable the issuance of financial instruments in foreign currency within the domestic market and facilitate the transfer of cash held outside the formal banking system into regulated banks.<\/p>\n<p>&nbsp;<\/p>\n<p>The Nigerian foreign exchange market has been grappling with consistent depreciation in recent years, exacerbated by the Central Bank of Nigeria&#8217;s (CBN) decision in June to consolidate all forex exchange windows into the Investors and Exporters (I&amp;E) window, resulting in a notable depreciation of the naira, exceeding 50%. This situation has presented challenges to both Nigerian individuals and major corporations operating within the country.<\/p>\n<p>&nbsp;<\/p>\n<p>For instance, Guinness Nigeria reported N49 billion in exchange rate losses during its 2023 half-year operations, and the depreciation in the exchange rate led to a loss of N18.1 billion for the company. Similarly, Nestle noted an FX loss of N123.77 billion in H1 2023, marking a significant increase from N2.13 billion during the same period in 2022.<\/p>\n<p>The anticipated influx of foreign exchange is poised to complement a range of other measures the government is actively implementing to address foreign exchange constraints within the country. These measures encompass proposals for the listing of dollar-denominated bonds on the Nigerian Exchange Ltd. platform and the recent removal of an eight-year ban on 43 previously restricted items from accessing foreign exchange, as announced by the Central Bank of Nigeria earlier this month.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Uchendu Alexis Nigeria is set to receive an estimated $10 billion in additional foreign currency inflows in the coming weeks, in a substantial step aimed at relieving liquidity bottlenecks in the foreign exchange market. This declaration was delivered by Finance Minister Wale Edun at the Nigerian Economic Summit in Abuja. Minister Edun expressed the government&#8217;s [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":3128,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173,172],"tags":[],"class_list":["post-3674","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-news"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/3674","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=3674"}],"version-history":[{"count":3,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/3674\/revisions"}],"predecessor-version":[{"id":3683,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/3674\/revisions\/3683"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/3128"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=3674"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=3674"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=3674"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}