Federal government is reportedly considering opening up the official foreign exchange market to fintech firms such as Opay, PalmPay, PiggyVest and others.
The fintech firms will be allowed as legitimate participants in a move to shut out currency speculators who are believed to be behind the appalling performance of the Naira against the dollar as hinted by Taiwo Oyedele, a key member of President Bola Tinubu’s tax and fiscal policy reform committee.
Oyedele, chairman of the Presidential Committee on Tax Reforms and Fiscal Policy, at the recent Nigerian Economic Summit Group (NESG) conference, said part of the Committee’s recommendation is imposing excise duty on Forex transactions outside the official market.
He said the move would outlaw currency speculators responsible for the Naira’s downfall.
Oyedele also said there are plans to digitalize Nigeria’s forex regime, discourage speculative demands, and the hoarding of forex in cash.
“Discontinue the fx verification portal and requirement for Certificate of Capital Importation and export proceeds restriction,” Oyedele said
