The federal government, led by President Bola Tinubu, is actively working on plans to reduce the reliance on the U.S. dollar in the Nigerian economy.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, revealed that the administration aims to de-dollarise the economy and enhance the strength of the local currency.
This initiative aligns with broader economic reforms aimed at improving monetary stability and boosting the country's economic resilience amid global financial challenges.
Naija News reports Edun made this known on Wednesday while speaking at a Global Investors’ Forum on the sidelines of the World Bank/International Monetary Fund (IMF) annual meeting in Washington DC.
He said the move is part of the economic reforms embarked upon by the Tinubu administration.
“There is also a move to de-dollarise the Nigerian economy,” Edun said, adding that local providers of services, regulators, and others are being asked to “invoice in Naira rather than dollars.”
“It reduces the value for dollar and of course increases the demand for Naira,” he explained.