The decision by the Federal Government to implement forex reforms and redirect forex previously used to defend the naira has received commendation as a prudent move, according to Dr. Armstrong Takang, Chief Executive Officer of Ministry of Finance Incorporated. Speaking at the unveiling of the 2023 Nigerian Banking Sector Report titled: \u201cGetting Nigeria to Work Again!\u201d in Lagos, Takang asserted that the government’s previous attempts to defend the naira had resulted in substantial forex losses.<\/p>\n
Highlighting the ongoing reforms in the forex market, Takang, who represented Minister of Finance & Coordinating Minister of the Economy, Wale Edun, emphasized the effectiveness of the ‘willing buyer, willing seller’ model in preserving forex for the economy. He noted that this approach has not only unlocked forex liquidity but also encouraged individuals with genuine forex to reinvest in the domestic economy.<\/p>\n
Addressing the need to optimize resources, Takang expressed concern over corporate assets that are not contributing dividends to the government. He emphasized the International Monetary Fund’s counsel on the importance of domestic resource mobilization for revenue enhancement. To address the issue of underperforming corporate assets, he stated, “We have oil and gas assets that are not performing optimally, and that has to stop. We need to optimize assets lying dormant to boost the capital position.”<\/p>\n
Adding to the discussion, Ike Chioke, Managing Director of Afrinvest West Africa Limited, urged a comprehensive approach to tackle the challenge of surging inflation rates. Chioke recommended a strategic shift from a narrow focus on controlling money supply and selective tax reliefs. He proposed an inclusive strategy that addresses structural issues such as insecurity, infrastructural gaps, and promotes large-scale local production of agriculture and manufactured goods. Chioke emphasized the importance of effective liquidity management and aligning market yields with the Monetary Policy Rate (MPR).<\/p>\n","protected":false},"excerpt":{"rendered":"
The decision by the Federal Government to implement forex reforms and redirect forex previously used to defend the naira has received commendation as a prudent move, according to Dr. Armstrong Takang, Chief Executive Officer of Ministry of Finance Incorporated. Speaking at the unveiling of the 2023 Nigerian Banking Sector Report titled: \u201cGetting Nigeria to Work […]<\/p>\n","protected":false},"author":10,"featured_media":6187,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[172],"tags":[],"class_list":["post-6174","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/6174","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=6174"}],"version-history":[{"count":3,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/6174\/revisions"}],"predecessor-version":[{"id":6208,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/6174\/revisions\/6208"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/6187"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=6174"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=6174"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=6174"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}