Nigerians have lost faith in Naira and now save in Dollars

The Minister of Finance, Wale Edun, has stated that Nigerians are saving in Dollars because they have lost faith in the Naira. 

He stated this during a recent presentation to senior business leaders in Lagos State, adding that the recent appreciation of the Naira’s value demonstrated that Nigeria’s efforts to strengthen its currency are bearing benefits. 

He stated that the country seeks all diasporic funds to bolster the Naira, adding that the country’s foreign direct investment dropped 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.”