Nigerian senators reject bill seeking to reduce CBN’s regulatory power on FX market

Nigerian senators have rejected a bill seeking to amend the Foreign Exchange Act of 2004 expected to reduce the regulatory function of the Central Bank of Nigeria on the Fx Market. The bill, titled “The Foreign Exchange Bill, 2024 ,” was sponsored by Sani Musa , Chairman of the Senate Committee on Finance, and was first read on Tuesday, February 20. According to NAN, Musa described the bill as crucial legislation intended to repeal the Foreign Exchange Act, Cap.

They said it would be counterproductive to CBN's effort at stabilizing the foreign exchange market. Senators who opposed the bill are Solomon Adeola , Tokunbo Abiru , and Aliyu Wadada , giving reason for opposing the bill said that passing such a law would confuse Nigerians. Similarly, Senator Adams Oshiomhole pointed out that the senators who had spoken had meticulously summarized and amplified the contradictions and negative implications of passing the law.

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