Author: Ajibola Oluwasegun

Federal Government is mulling a policy that will result in the conversion of foreign currencies in domiciliary accounts of citizens to naira to stabilize the national currency, which earlier 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 organizations’ domiciliary accounts to naira at a rate to be determined by the Central Bank of Nigeria. According to top Presidency sources, the move is meant to stabilize the naira, which recorded its biggest fall in the official Nigerian Foreign Exchange…