Nigeria Says Saudi Plans Substantial Support for Foreign-Exchange Reforms
- Saudi to make foreign-exchange funds available to Nigeria
- Nigerian president, Saudi crown prince held talks on Friday
A currency dealer handles bundles of naira banknotes for exchange on the 'black market' in Lagos, Nigeria.
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Saudi Arabia plans to provide “substantial” financial support for Nigeria’s foreign-exchange reform process, the West African nation’s information minister said.
“To support the central bank’s ongoing reforms of Nigeria’s foreign-exchange regime, the Saudi government will make available a substantial deposit of foreign exchange to boost Nigeria’s forex liquidity,” Information Minister Mohammed Idris said in a statement on Friday. He didn’t provide further details on the funding.