Nigerians have no faith in the Naira, they are still trying to hold and save in dollars – Minister of Finance, Wale Edun

During a recent presentation to senior business leaders in Lagos State, the Minister of Finance, Wale Edun, highlighted that Nigerians are increasingly saving in Dollars due to their diminishing confidence in the Naira.

Edun also mentioned that the recent appreciation of the Naira indicates that Nigeria’s efforts to fortify its currency are yielding positive results.

Moreover, he emphasized the importance of diasporic funds in bolstering the Naira, while noting a significant decline in the country’s foreign direct investment to N3.7 billion in 2023.

He said, “Because of 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.”