FG Plans to Inject $10 Billion Into the Foreign Exchange Market

Federal Government says it is shopping for $10 billion for injection into the Foreign Exchange Market, to stop the free fall of the naira against foreign currencies.

President Tinubu announced the plan to raise the fund, at the inauguration of public wealth management conference in Abuja, where he was represented by Vice President Kashim Shetimma.

He also blamed the raging food crisis on some political forces, who are yet to recover from their loss in the 2023 polls.

Tinubu, insisting that his administration would overcome the challenges said, the forces are bent on plunging Nigeria into a state of anarchy.

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Another operator said he could only buy at the rate of 1,700/$, adding that the market was not suitable for good business.

However, the naira appreciated by 1.48 per cent to 1,551/$ at the official market, following an improved forex turnover of $117.32m.

This came after the local weakened for three consecutive days at the Nigerian Autonomous Foreign Exchange.