To address Nigeria’s ongoing foreign exchange (FX) crisis, the Nigerian government has announced a nine-month window aimed at bringing dollar holdings outside the formal banking sector back into the system.
Finance Minister Wale Edun stated that this executive order seeks to convert billions of dollars held informally by Nigerians, which could significantly boost liquidity and stabilize the official FX market. This move is part of broader fiscal reforms by the Tinubu administration, which are also expected to digitize FX processes to combat cash hoarding and speculative dollar demands.
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