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Nigeria may expropriate its people's foreign currency holdings
As if Nigeria needed another reason to turn to gold, or even seashells.
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Operation Rescue Naira: Federal Government Considers Converting $30 Billion in Domiciliary Deposits to Naira
By Godfrey George and Temitayo Jaiyeola
Punch, Lagos, Nigeria
Saturday, February 3, 2024
There are strong indications that the federal government is mulling a policy that will result in the conversion of foreign currencies in domiciliary accounts of citizens to naira to stabilise the national currency, which this week recorded its worst performance in history.
If it goes ahead with the plan, the government will order the conversion of foreign currencies sitting idly in individuals' and corporate organisations' domiciliary accounts to naira at a rate to be determined by the Central Bank of Nigeria.
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According to top presidency sources, the move is meant to stabilise the naira, which recorded its biggest fall in the official Nigerian Foreign Exchange Market on Monday, depreciating by 24% to close at 1,348 per dollar.
One of the presidency sources told Saturday Punch that the problem of forex scarcity and the naira fall was an elite issue, adding that the federal government would not fold its arms and continue to watch some individuals hoarding foreign currencies at the expense of the naira. ...
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