{"id":300695,"date":"2023-12-13T06:42:40","date_gmt":"2023-12-13T05:42:40","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=300695"},"modified":"2023-12-13T06:42:40","modified_gmt":"2023-12-13T05:42:40","slug":"well-go-after-dollars-in-nigerians-hands-to-address-fx-shortage-fg","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2023\/12\/13\/well-go-after-dollars-in-nigerians-hands-to-address-fx-shortage-fg\/","title":{"rendered":"We&#8217;ll go after dollars in Nigerians\u2019 hands to address FX shortage \u2013 FG"},"content":{"rendered":"<ul>\n<li><strong>The minister disclosed that President Bola Tinubu would use executive order to redirect this money into the \u201cbanking sector.\u201d<\/strong><\/li>\n<\/ul>\n<hr \/>\n<p>The federal government on Tuesday said it would target foreign exchange outside the banking sector to address the liquidity crisis in the FX market.<\/p>\n<p>The Minister of Finance, Olawale Edun, made this known when he appeared before the House of Representatives Committee on Finance.<\/p>\n<p>He opined that the forex in the hands of <a href=\"https:\/\/www.withinnigeria.com\/news\/2023\/12\/08\/canada-increases-proof-of-funds-for-nigerians-others\/\">Nigerians<\/a> represents the new \u201cforeign reserve\u201d of the country, adding that the liquidity in the hands of Nigerians runs into billions of dollars.<\/p>\n<p>\u201cForeign exchange held by Nigerians in cash outside the banking system is in the billions,\u201d he said.<\/p>\n<p>The minister disclosed that President Bola Tinubu would use executive order to redirect this money into the \u201cbanking sector.\u201d<\/p>\n<p>\u201cMr President has authorised an executive order to facilitate the payment of that cash into the banking system,\u201d he said.<\/p>\n<p>Edun also agreed with lawmakers that the tax waiver is costing the country trillions of naira annually without any value.<\/p>\n<p>The deputy chairman of the committee, Saidu Abdulahi, said the country should experiment with abrogating the policy for a year and see what would happen.<\/p>\n<p>The minister agreed with the assertion by the lawmakers that the waiver policy is wasteful, noting that the government should consider tax rebates.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The minister disclosed that President Bola Tinubu would use executive order to redirect this money into the \u201cbanking sector.\u201d The federal government on Tuesday said it would target foreign exchange outside the banking sector to address the liquidity crisis in the FX market. The Minister of Finance, Olawale Edun, made this known when he appeared [&hellip;]<\/p>\n","protected":false},"author":39,"featured_media":204813,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"2","single_blog_custom":"211693","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","show_zoom_button":"1","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"0","show_prev_next_post":"0","show_popup_post":"0","number_popup_post":"1","show_author_box":"0","show_post_related":"0","show_inline_post_related":"1"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored 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