News
Nigerian Govt Pushes To De-dollarise Economy, Strengthen Naira
The federal government, led by President Bola Tinubu, has revealed plans to significantly reduce the use of the U.S. dollar, in the Nigerian economy , focusing on strengthening the local currency, Naira.
According to Wale Edun, Minister of Finance and Coordinating Minister of the Economy, the administration aims to de-dollarise the economy as part of its broader economic reforms.
EDITOR’S PICKS
- BREAKING: Tinubu Arrives Abuja After Two-Week Working Vacation In UK, France
- NIDCOM Gears Up for 7th Nigeria Diaspora Investment Summit, Aims to Drive Economic Growth
- BREAKING: APC Sweeps All 23 Chairmanship, 255 Councillorship Seats in Kaduna LG Polls
EKO HOT BLOG reports that Speaking at the Global Investors’ Forum during the World Bank/IMF annual meeting in Washington, DC, Edun emphasized that local service providers and regulators are being encouraged to invoice in Naira instead of dollars to reduce dollar dependency and boost demand for the local currency.
Edun also noted that the removal of petrol and foreign exchange subsidies would free up government funds for other projects.
He further highlighted the potential of Nigeria’s oil production as a key source of foreign exchange revenue, projecting positive outcomes in the near future.
De-dollarise Economy Naira
J.P. Morgan defines de-dollarisation as a significant reduction in the use of dollars in global trade and financial transactions, leading to a decreased demand for the U.S. currency.
FURTHER READING
- Protest As Masked Men Attempt To Arrest Labour Party Official In Aba
- 10 Students Injured, 5 on Life Support In Ebonyi Catholic School Gas Explosion
- Hon. Monsuru Akinloyè Ismail Advocates for Full Vaccination in Ongoing Immunization Campaign in Eredo
Click here to watch our video of the week
Advertise or Publish a Story on EkoHot Blog:
Kindly contact us at [email protected]. Breaking stories should be sent to the above email and substantiated with pictorial evidence.
Citizen journalists will receive a token as data incentive.
Call or Whatsapp: 0803 561 7233, 0703 414 5611
