The federal government has disclosed that it may inject some foreign exchange into the economy to shore up the value of the naira while market forces stabilise. The Special Adviser to the President on Special Duties, Communication and Strategy, Mr Dele Alake stated this on Wednesday while speaking with reporters in Paris. Alake is part of President Bola Ahmed Tinubu’s team attending the new global financial pact summit in Paris, France to facilitate foreign direct investment into Nigeria. Alake’s comment is coming on the heels of the recent exchange rate unification which saw the Naira experiencing a significant surge against the US dollar at black market. On Wednesday, June 21, 2023, the naira traded at an average exchange rate of N758/$1, marking a remarkable increase of 2.82% compared to the previous day’s trading session where the dollar was valued at N780/$1. This is as a total of $788 million has so far been recorded as cumulative turnover in the official Investor & Exporter Window, a week after the unification of the exchange rate was announced.

Daily Trust