FG seeks $10bn to stabilize exchange rate as naira falls

The Nigerian Federal Government plans to raise $10bn to boost liquidity in the forex market amidst the naira’s historic fall to 1,850 per dollar. President Tinubu, represented by VP Shettima, announced this at a wealth management conference in Abuja. 

The initiative aims to stabilize the naira and spur economic growth. Transparency and accountability are emphasized, with returns directed towards crucial sectors like education and healthcare. 

Despite security presence, exchange rate volatility persists, with traders predicting further decline without intervention.

 However, the naira appreciated by 1.48% to 1,551/$ at the official market, signaling improved forex turnover after consecutive weakening.