President Tinubu, who was also at the summit yesterday, stated his administration’s commitment to addressing the existing foreign exchange future contracts
The federal government has introduced measures to ensure liquidity in the nation’s forex market as President Bola Tinubu recently signed two executive orders, which analysts have described as a sort of ‘amnesty’ to encourage people with foreign exchange cash outside the banking system to bring them into the official channel.
“The solution that the president has put on the table is that he has signed an executive order that effectively allows, under forbearance, all the cash that is in the domestic economy to legally come into the formal money supply.“Along with that, there is another executive order that allows domestic issuance of foreign currency instruments so that they will have the incentive to provide that foreign exchange from whatever source.
“On the forbearance of cash into the formal system, it is a kind of amnesty for all the foreign exchange cash that is outside the banking system, even the ones that are questionable; to be brought into the official channel. This is because some of the transactions that are happening are being done in the unofficial channel. So, they are trying to see how they can bring it into the system. What is happening now is that it is not like we don’t have dollars.
A development economist, Peter Adewale yesterday said there is no doubt that Nigeria needs an urgent and innovative forex policy to address the current situation that will benefit all Nigerians. Meanwhile, the finance minister Wale Edun said the federal government was going to digitalise the foreign exchange market, make it attractive, and attract more forex that will serve as a buffer for the nation’s economy.
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