The bill, sponsored by the Chairman, Senate Committee on Finance, Senator Sani Musa , also sought to make provisions for the control, monitoring, and supervision of transactions conducted in the fx market.
Musa indicated that the proposed law would provide for the regulation, monitoring, and supervision of transactions conducted in the market and related matters. “The bill attempts to expand Section of the existing Act to incorporate three new provisions to make for clarity and to empower the Central Bank of Nigeria to administer, control, and manage all dealings and transactions in relation to foreign exchange matters.
Musa added that with the bill, the operation of domiciliary accounts 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. Some of the senators who expressed reservations over the proposed law are Solomon Adeola ; Tokunbo Abiru ; and Aliyu Wadada , among others.
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