Presidency Targets Foreign Currencies in Possession of Nigerians to Stabilize Foreign Exchange Market

Federal Government is targeting the foreign currencies outside Nigeria’s banking sector in the country, as part of moves to address the liquidity crisis in the foreign exchange market.

Finance Minister, Wale Edun made this known while appearing before the finance committee of the House of Representatives to defend the proposed 2024 budget.

He said that President Tinubu would issue an executive order to facilitate the injection of such category of foreign currencies into the banking sector.

Edun explained that the foreign exchange in the hands of Nigerians running into billions of dollars is the new external reserves of the country.

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The Minister of Finance, Wale Edun, has proposed a unified revenue collection, with the Federal Inland Revenue Service (FIRS) collecting revenues on behalf of the Nigeria Customs Service (NSC) and other revenue-generating agencies.

Mr. Edun spoke at the budget defense session held by the House of Representatives Committee on Finance on Tuesday.

The minister proposed while responding to a question by a member of the House, Oluwole Oke (PDP, Osun).

Mr Oke had asked him if the FIRS and NCS could be merged into a single entity or agency.

Mr Edun responded that it would not be out of place if the FIRS was given the mandate to collect revenue on behalf of customs.

He stated that there is no reason all revenue-charging agencies should also be saddled with collecting revenues.