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FG is prepared to pursue foreign exchange holdings in domestic accounts

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The Minister of Finance and Coordinating Minister for the Economy, Wale Edun has disclosed the intentions of the federal government to go after the stockpile of foreign currencies in domiciliary accounts.

TheNewsGuru.com (TNG) reports Edun disclosed this on Wednesday at the release of the latest “World Bank Nigeria Development Update” in Abuja.

The Finance Minister noted that affluent Nigerians hold a substantial amount of foreign currencies in their domiciliary accounts.

He indicated the government’s intention to encourage investments by incentivising the release of funds from these accounts, without imposing forceful measures on their owners.

“There is a lot of FX liquidity in Nigeria and the federal government would take steps to make holders of such accounts release the money.

“The government would not force holders of such accounts to give them up but would provide incentives to enable them invest in attractive instruments, going forward,” Edun said.

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