Top government sources told our correspondents that the government was contacting people hoarding dollars, businesses, and those discovered to have embezzled public funds to persuade them to “bring their monies to the mainstream market.” It was discovered that the government was prepared to take any necessary action to address the issue.
According to a senior White House official, the initiative served as the foundation for two recent Executive Orders that President Bola Tinubu issued.
The Federal Government issued the instructions as part of its efforts to maintain market stability, guarantee liquidity in the country’s foreign exchange market, and maintain the naira’s appreciation after it had declined in value relative to the US dollar in recent weeks.
Even though the orders are currently in effect, they have not yet been gazetted, thus it is uncertain what they contain and the implications of the interventions.
Finance Minister and Coordinating Minister of the Economy, Mr. Wale Edun, said during a panel discussion at the 29th Nigeria Economic Summit last week in Abuja: “Mr. President announced that he had taken measures to ease illiquidity in the forex market, which we know is very problematic at this time.
The senior government source said to our reporter that the Executive Orders’ specifics were purposefully withheld from the public to avoid creating unnecessary controversy that could divert attention away from the administration’s objective of stabilizing the value of the naira.
President Tinubu reassured the business sector during the 29th National Economic Summit that important plans were in place to increase foreign exchange availability, allaying their fears.
Tinubu declared that his government would uphold the terms of any valid agreement pertaining to the country’s foreign exchange commitments.
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