Wale Edun - Nigerians No Longer Trust The Naira And Instead Save In Dollars.

 According to Finance Minister Wale Edun, Nigerians are saving in US dollars because they no longer trust the Naira.

In a recent speech to senior business leaders in Lagos State, he said as much, adding that the recent increase in the value of the Naira showed that Nigeria's efforts to fortify its currency were paying off.

He added that the nation's foreign direct investment fell to N3.7 billion in 2023 and that the nation seeks all diasporic funds to support the Naira.

“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.”