Senate throws out Bill for FOREX market in Nigeria

The Senate on Thursday, July 11, threw out a Bill that seeks the establishment of a foreign exchange market in Nigeria.

He said it would also contribute to the sound development of the economy by facilitating foreign transactions and maintaining an equilibrium of balance of International payments. “The newly introduced clauses will enable the CBN to determine the basic exchange rate of purchase and sale of foreign exchange.

Musa further said that the proposed law would ensure that the operation of the domiciliary account shall be as prescribed by the Bank and that the powers of the CBN have been widened to prescribe how foreign exchange may be accepted for the payment of goods and services in Nigeria.

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Senate rejects a bill seeking to establish a Foreign Exchange Market in NigeriaTHE Senate has rejected a Bill seeking to establish a foreign exchange market in Nigeria, saying it would have been better sponsored as an Executive Bill and not as a private one because of its objectives.
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