Naira Freefall: FG To Receive $10bn Forex Inflow – Finance Minister

The fortunes of the naira may soon be reversed with the Finance Minister, Wale Edun assuring that about $10 billion naira is expected to flow into the economy in a matter of week Edun made this known during a panel session at the ongoing Nigeria Economic Summit Group (NESG) question and answer session concerning stabilizing the foreign exchange market and enshrining liquidity in the market. Since the unification of the foreign exchange market in June, the naira’s value has slumped by over 100 per cent on the parallel market. The current CBN management has introduced a slew of measures to provide liquidity but the chasm between the rate on the I&E window and parallel market continues to widen. The minister said, “in addition, from the supply of foreign exchange through NNPC, increased production, reduced expenditure, from transactions such as forward sales, from our discussions with sovereign wealth funds, that are ready to invest and provide advanced alongside that investment, there is a line of sight of $10 billion worth of foreign exchange in the relatively near future in weeks rather months.” The Minister further said President Tinubu has signed two executive orders geared towards ensuring liquidity in the forex market. He said, “Mr. President announced that he had taken measures to ease illiquidity in the forex market which we know is very problematic at this time.” “The market is illiquid; it’s not functioning properly because there is no supply and there are various reasons for that. The solution that the President has put on the table is that he has signed an executive order that effectively allows under forbearance all the cash that is in the domestic economy to legally come into the formal money supply” “Along with that, there is another executive order that allows domestic issuance of foreign currency instruments so that they will have the incentive to provide that foreign exchange from whatever source.”

Palestinian War: Israel Seeks $10bn Emergency Relief From US

Israel has asked the United States for $10 billion in emergency aid amid the escalation of the Palestinian-Israeli conflict, the New York Times newspaper reported. The White House is reportedly preparing an assistance package for Israel, which also contains aid to Ukraine, funding to reinforce the U.S.-Mexico border, and aid to Taiwan, the newspaper said late on Monday night. On Sunday, U.S. Secretary of State Antony Blinken said that Washington was considering Israel’s requests for additional military aid to conduct its operation in the Gaza Strip. On Tuesday, White House National Security Council spokesperson John Kirby said that U.S. President Joe Biden during his visit to Israel scheduled for Oct. 18 would get an update from Israeli officials about their strategy against Hamas in Gaza, including the pace of their military operations. Last week, a United States official told Sputnik that Washington had not made a decision on whether it would tie in assistance for Ukraine and Taiwan in a supplemental funding request it was preparing to submit to Congress seeking additional aid for Israel. U.S. Army Secretary Christine Wormuth said the U.S. military would need additional support from Congress to be able to provide security assistance to Ukraine and Israel simultaneously. On October 7, Palestinian group Hamas launched a surprise attack on Israel, prompting retaliatory strikes on the Gaza Strip. The conflict has left thousands of people dead and injured on both sides.