Tope Fasua, the special adviser to President Bola Tinubu on economic affairs, has called for a structural reform of Nigeria’s foreign exchange market by making adjustments to the operations of the Bureau De Change and the banking industry.
Speaking specifically about the over 5,000 BDCs in the forex market, the special adviser said the parallel market traders are too many to be adequately managed. Fasua said more than 20 items imported into Nigeria are in the billions of dollar region, with fuel and diesel taking up about $25 billion to $30 billion yearly, but only crude oil and fertiliser are in the billion-dollar range on the exports list.“The world does not owe us any forex. The forex you get is depending on the trade that you do,” the special adviser said.
“The international oil companies that have the technology that do production own most of that money,” he added.Also speaking at the event, Oscar Onyema, the managing director, the Nigerian Exchange Group , said sudden implementation of policies can disrupt businesses and the economy.
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