• Tuesday, December 05, 2023
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Nigeria’s FX market will be digitised to tackle illegal activities – Edun

Banking sector outperforms economy despite harsh environment – Afrinvest

Wale Edun, Nigeria’s Finance Minister has revealed that the country’s foreign exchange market will be digitised to tackle illegal activities and make it transparent.

Speaking at the ongoing Nigerian Economic Summit Group (NESG) conference in Abuja, Edun said the FX market will be simplified and digitised such that all legal and legitimate transactions will fall within the preview of the authorities and the informal markets.

Read also: At NESG summit, Tinubu vows to clear FX backlog

“Anything outside that will be illegal and a criminal offensive and will be robustly followed up,” he said.

He said that the president has signed an executive order that effectively and legally allows under full vibrance all the cash that is in the domestic economy, to legally come into the formal money supply.

Read also: NESG advocates inclusion as pathway to economic transformation

“There is another executive order that allows the domestic issuance of foreign currency instruments, so that they could have an incentive to provide that foreign exchange from whatever source market into income bearing instruments,” he added.