Naira gains marginally at parallel market as FG plans for diaspora fund

Naira gains marginally at parallel market as FG plans for diaspora fund

Nigerian currency, Naira, appreciated to N1,380 per dollar on the parallel market on Friday, posting a gain of N70 in one single day, compared to Thursday’s close of N1,450/$1.

On the other hand, the the local currency weakened to N1,339.23/$1 on the Nigerian Autonomous Foreign Exchange (NAFEM) window, representing a N29.42 decline, compared to the N1,309.81/$1 it closed at on Wednesday.

However, daily turnover on the NAFEM declined by 2.85 per cent to $309.01 million compared to $318.08 million the previous day.

The highest spot rate stood at N1,410, with the lowest recorded at N1,051.

Meanwhile, as part of efforts to attract and accelerate inflow of foreign currency into the economy, the federal government has unveiled plans to float a $10 billion Nigeria Diaspora Fund.

READ ALSO:

• Why we praised Aviation minister Keyamo after Dana Air incident – Northern group
• Friends swap wives for sex weekend in Lekki, activist claims
• Bandit leader who forced community to give him chieftaincy title, 2 other kingpins killed in Zamfara

The move is expected to among other things, improve FX liquidity in the system as well as strengthen the Naira exchange rate.

The Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, in a notice shared on her X handle (formerly Twitter), yesterday, revealed that the Nigeria Diaspora Fund Multi-sectoral Investment Initiative would be designed and managed by fund managers selected through an Expression of Interest (EOI) exercise where winners are expected to emerge.

Owing to this, the ministry has issued an EOI Expression to fund managers for the development and establishment of a multisectoral, multilateral private sector-led investment fund to form the $10 billion Nigeria Diaspora Fund.

Newstrends recalls that Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, had recently said Nigerians living in diaspora remained a key source of foreign capital projection, adding that a diaspora bond would be launched by June.

Naira gains marginally at parallel market as FG plans for diaspora fund