The Federal Government took the right step by instituting forex reforms and freeing forex previously used to defend the naira, Chief Executive Officer, Ministry of Finance Incorporated, Dr. Armstrong Takang has said. Speaking yesterday at the unveiling of the 2023 Nigerian Banking Sector Report titled: “Getting Nigeria to Work Again!” in Lagos, he said government had in the past, lost so much forex trying to defend the naira.
Defending ongoing reforms in the forex market, Takang, who represented Minster of Finance & Coordinating Minster of the Economy, Wale Edun, said the implementation of the ‘willing buyer, willing seller’ model has preserved forex for the economy. He said that in its effort to unlock forex liquidity, the Federal Government is encouraging people with genuine forex to bring them back home for investment in the domestic economy. He said many of the corporate assets are not paying dividend to the government, and that has led to revenue los
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