AGS NEWS – The Nigerian Federal Government is making plans to secure $10 billion to enhance liquidity in the foreign exchange market, following the naira’s decline to an unprecedented low of 1,850 against the dollar in the parallel market on Tuesday.

President Bola Tinubu, represented by Vice President Kashim Shettima, revealed this development during the inaugural Public Wealth Management Conference in Abuja on Tuesday, organized by the Ministry of Finance Incorporated under the theme “Championing Nigeria’s Economic Prosperity.”

According to a statement by Stanley Nkwocha, the Senior Special Assistant to the President on Media & Communications, the government aims to achieve this by optimizing the management of federal assets and investments to unlock their revenue potential.

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This initiative is part of a broader strategy to double the GDP growth rate and significantly expand the GDP base over the next eight years.

President Tinubu stressed the importance of transparency, accountability, and improved corporate governance in achieving these goals.

He highlighted the need for innovative partnerships and attracting alternative investment capital to boost returns, which will be directed towards critical sectors such as education, healthcare, housing, power, roads, and job creation for the youth.

Meanwhile, despite the increased security presence at the Wuse Zone 4 currency market in Abuja, exchange rate volatility persisted across the country on Tuesday.

Currency traders quoted the dollar buying price at 1,820 naira and the selling price at 1,850 naira, indicating a profit margin of 30 naira.

Some operators expressed concerns about the market’s suitability for profitable business, with predictions that rates might further decline if appropriate measures are not taken.

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However, there was a 1.48% appreciation of the naira to 1,551 against the dollar in the official market, following an improved forex turnover of $117.32 million.

This uptick came after the local currency weakened for three consecutive days at the Nigerian Autonomous Foreign Exchange.

The country continues to grapple with a persistent forex shortage attributed to declining oil production and foreign inflows.

Since June 2023, when the Central Bank of Nigeria floated the naira and unified all segments of the forex market, the local currency has experienced significant devaluation.