De-dollarise Economy 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.
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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.
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