The Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, has disclosed plans by the Federal government to move against the stockpile of foreign currencies in domiciliary accounts in the country.
Edun disclosed this on Wednesday shortly afetr the latest “World Bank Nigeria Development Update” in Abuja.
The minister noted that affluent Nigerians hold a substantial amount of foreign currencies in their domiciliary accounts.
He indicated the government’s intention to encourage investments by incentivising the release of funds from these accounts, without imposing forceful measures on their owners.
“There is a lot of FX liquidity in Nigeria and the federal government would take steps to make holders of such accounts release the money.
“The government would not force holders of such accounts to give them up but would provide incentives to enable them invest in attractive instruments, going forward,” Edun said.