Inflows adding up to $10 billion are to come in in the weeks ahead, said Special Adviser to the President on Economic Affairs Tope Fasua

The Nigerian Government expects to clear $6.8 billion in payables from forward contracts to which the Central Bank of Nigeria is a party in order to succour the naira and free up the foreign exchange market, long spooked by an overhang of due dollar obligations.

Inflows adding up to $10 billion are to come in also in the weeks ahead, said Special Adviser to the President on Economic Affairs, Tope Fasua, in a post on X on Monday.

The inflows, to be supported by proceeds from oil sales and foreign portfolio investors, are pivotal for the race to salvage the local currency from a continuous plunge to record lows against the dollar.

Equally, they will help improve liquidity in the official market, where the greenback has been in short supply, pushing demand to the street, where the naira exchanged for 1,225 to a dollar on Tuesday.

Mr Fasua, whose post distilled the key deliverables that President Bola Tinubu and his team presented at the Day 1 of the 29th Nigerian Economic Summit Group, remarked that an executive order has been issued to permit the creation of foreign currency instruments that will make "everyone bring their cash into official sources."

"Central Bank of Nigeria will issue a clear document stating the rules of engagement with the financial market," he said.

"Proper BLACK market will be separated from the rest and dealt with."

The president vowed that megacities in the six geopolitical zones of Nigeria could be delivered in ten years, Mr Fasua said, while cities fully networked by rail, roads and fibre optics could be completed within 20 years.

The government is hoping that the country's infrastructure gap of $3 trillion can be financed with private sector support within a decade.

Mr Fasua noted that an overhaul is underway to make the public/civil service structure and culture performance and result-driven.