In his presentation before the lawmakers, the Minister of Budget and National Planning, Senator Atiku Bagudu said: ‘’The ministry has a mandate for budget and national planning. We are tasked with ensuring how best the fundamental objective of state policy can target and achieve the goal of optimal development.
The Minister of Aviation and Aerospace, Festus Keyamo, has stated that foreign airlines have about $600 million backlog still trapped in commercial banks.
The consequences are not theoretical. The price of cement has jumped through the roof. It increased 20% in the last week. Food prices have skyrocketed. Drugs are out of reach. The masses are in real peril. Hotels are running into bankruptcy because of fuel costs and low patronage.
By reining banks and fintechs from international money transfer services, the CBN is strategically manoeuvring to fortify the currency and stabilise the forex market. This bold step reflects the CBN’s unwavering commitment to safeguarding the financial system and ensuring economic stability in Nigeria. However, it may add more complexity to remittance payments into the country.