Naira Is Stabilizing And The Foreign Exchange Market Is Seeing A Surge Of Inflows – Minister Of Information

Minister of Information and National Orientation, Mohammed Idris, has said the Nigerian Government is identifying those sabotaging the economy.

The minister insisted that President Bola Tinubu’s policies are already yielding positive results.

He lamented that it was bothersome that some individuals who initially supported the removal of the petrol subsidy are now pretending to be against it.

The minister noted that removing the petrol subsidy was one policy all three major candidates agreed on in their campaign messages.

He, however, said that the Government was not under any illusion that the policies were silver bullets or that nothing else was required.

Speaking via a statement signed and made available to journalists in Abuja on Friday, Idris said regulatory and enforcement agencies have been working round the clock in the past few days to identify, investigate and sanction those involved in illegal activities and sabotage within the forex market.

He said, “The problems that we are solving are no doubt multifaceted, intertwined, and deep-rooted, requiring creative, strategic, decisive, and multi-pronged solutions. These bold moves being implemented are in full alignment with what is required.

“It is heartwarming to note that we are starting to see the results. Indeed, the naira is stabilizing, and the foreign exchange market is seeing a surge of inflows.

“Sadly, as with any effort to reform and sanitise a system entrenched in long-term malpractice, the CBN’s efforts have been met with ferocious resistance from speculators and other unscrupulous players within and outside our country, who profit from dysfunction and opacity.

“To tackle this, regulatory and enforcement agencies of Government have been working round the clock in the past few days, joining forces to address these efforts at undermining the reforms.

“That strategic alliance has led to the intelligence-led identification, investigation and sanctioning of individuals and organizations involved in illegal activities and sabotage within the forex market.

“Relevant regulatory and security agencies have been directed to remain vigilant to ensure that malpractices capable of undermining our currency are averted and that those engaged in these acts are brought to book. The Government will not allow its efforts to be jeopardised.”