The federal government is actively pursuing plans to de-dollarise the Nigerian economy, according to Olawale Edun, the country’s minister of finance and coordinating minister of the economy.
Speaking on the sidelines of the World Bank/IMF annual meetings in Washington, DC, Edun emphasised the importance of strengthening demand for the local currency.
During the Global Investors’ Forum, which brought together policy experts, market analysts, investors, fund managers, and civil society organisations, the minister highlighted ongoing efforts to improve the Nigerian economy’s local currency utilization.
“There is also a move to de-dollarise the Nigerian economy,” Mr Edun stated, revealing that local service providers, regulators, and others are being encouraged to “invoice in Naira rather than dollars.”
He added, “It reduces the value for dollar and of course increases the demand for Naira.”
Furthermore, Edun pointed out that the removal of fuel subsidy and related foreign exchange subsidy is expected to boost government revenue.
“I think we must not miss the fact that the number one source of foreign exchange revenue to Nigeria is oil production, and they are facing the direction that is positive and should yield very good results in the near time,” he concluded.
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