• Latest
  • Trending
Forex: Restructure banks, BDCs, special adviser on economy tells Tinubu

Forex: Restructure banks, BDCs, special adviser on economy tells Tinubu

President Tinubu arrives Brazil for G20 summit

Tinubu Boasts 12 Big-Wins as Nigeria Marks 65th Independence

Dangote Refinery Resumes Petrol Sales in Naira After Suspension

PENGASSAN to End Strike After Dangote, Labour Accept ‘5-Point Resolution’

18 Key Highlights from Tinubu’s 65th Independence Day Speech

18 Key Highlights from Tinubu’s 65th Independence Day Speech

FRSC Chief Orders Crackdown as 5 Officers Killed by Hit-and-Run

FRSC Chief Orders Crackdown as 5 Officers Killed by Hit-and-Run

FG Declares: Even ‘Runs Girls’ Must Pay Tax — Oyedele

FG Declares: Even ‘Runs Girls’ Must Pay Tax — Oyedele

How Tax Law Affects Remote Workers and Influencers Under New Reform

How Tax Law Affects Remote Workers and Influencers Under New Reform

Atiku, ADC Leaders Visit New Olubadan Oba Ladoja in Ibadan

Atiku, ADC Leaders Visit New Olubadan Oba Ladoja in Ibadan

Wednesday, October 1, 2025
  • Login
No Result
View All Result
iDeemlawful
  • Home
  • News
  • Featured
  • Politics
  • LifeStyle
  • Advertise with Us
  • Opinion
  • Campus
iDeemlawful
No Result
View All Result
iDeemlawful
No Result
View All Result
  • Home
  • News
  • Featured
  • Politics
  • LifeStyle
  • Advertise with Us
  • Opinion
  • Campus
Home Business News
Forex: Restructure banks, BDCs, special adviser on economy tells Tinubu

Forex: Restructure banks, BDCs, special adviser on economy tells Tinubu

by Anonymous
September 27, 2023
in Business News
A A
0

Mr Fasua said this at a roundtable themed ‘Unification of Foreign Exchange and the Effect of Fuel Subsidy Removal on the Business Community’ organised by the National Policy Advocacy Centre (NPAC) of the Abuja Chamber of Commerce and Industry (ACCI) on Tuesday in Abuja.

“I believe we should reform the bureau de change (BDC) sector and make it stronger. You cannot manage over 5,000 BDCs selling money on the streets,” the presidential adviser explained. “If we can do the structural reforms in the BDCs sector and the banks and supervise them well, the CBN, with our reserves, can incentivise that sector, allowing people to get money much quicker.”

Mr Fasua added, “And you have to define the illegal market, and by then, we will be able to find stability,” noting that Nigeria spends over $45 billion annually importing refined petroleum products, milk, chemicals and fish.

SeeThese

No Content Available

“I hear things like scarcity of forex. What is scarcity of forex, as if the world owes us any forex? The world does not owe us any forex. The forex you get is depending on the trade that you do,” Mr Fasua stated. “If you look at Nigeria’s import and export profile, over 20 items that we import in Nigeria are in the billions of dollar range. Our biggest import, fuel and diesel, take about $25 billion to $30 billion every year.”

ADVERTISEMENT

The presidential adviser added, “We have things like cars, which is about four billion every year; sugar, fish, milk one billion each; wheat, four billion; chemicals, three billion dollars; pharmaceuticals, two billion dollars.”

Mr Fasua listed crude oil and fertiliser as two things Nigeria exports in the billion-dollar range.

“The first is petroleum and gas; you will see a figure like $57 billion, but out of that, only 30 per cent is ours, according to Nigeria Extractive Industries Transparency Initiative (NEITI),” the presidential adviser on economic affairs. “The international oil companies that have the technology that do production own most of that money.”

(NAN)

Tags: EconomicForex
Previous Post

NBTI, Bangladesh business forum partner to promote innovation, entrepreneurship, technology

Next Post

Tinubu Moves to Avert NLC Strike, Picks Date to Announce Palliative Package for Nigerian Workers

Next Read

Dangote Refinery Resumes Petrol Sales in Naira After Suspension
Business News

PENGASSAN to End Strike After Dangote, Labour Accept ‘5-Point Resolution’

...

Read moreDetails
FG Declares: Even ‘Runs Girls’ Must Pay Tax — Oyedele
Business News

FG Declares: Even ‘Runs Girls’ Must Pay Tax — Oyedele

...

Read moreDetails
How Tax Law Affects Remote Workers and Influencers Under New Reform
Business News

How Tax Law Affects Remote Workers and Influencers Under New Reform

...

Read moreDetails
President Tinubu extends Christmas Greetings to Nigerians
Business News

FG Summons Dangote, PENGASSAN to Table as Strike Looms

...

Read moreDetails
Dangote Refinery Resumes Petrol Sales in Naira After Suspension
Business News

Dangote Refinery Resumes Petrol Sales in Naira After Suspension

...

Read moreDetails
Petrol Price to reduce as IPMAN, Dangote Reach New Agreement
Business News

Dangote Suspends Naira-for-Petrol Deals with Marketers

...

Read moreDetails
Dangote Refinery Recalls Old Applicants After Mass Layoffs
Business News

Dangote Refinery Recalls Old Applicants After Mass Layoffs

...

Read moreDetails
Why NNPC Refineries May Never Work Again – Dangote
Business News

Dangote Refinery Gives Reason for Sacking Staff

...

Read moreDetails
Next Post
How President Tinubu plans to tackle Food Security After Declaring State of Emergency

Tinubu Moves to Avert NLC Strike, Picks Date to Announce Palliative Package for Nigerian Workers

Court Found Former US President Donald Trump Guilty of $3.6bn Fraud

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

iDeemlawful

Copyright © 2019 iDeemlawful.

Useful Links

  • About
  • Advertise
  • Editorial
  • Support

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Copyright © 2019 iDeemlawful.