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.

Sverige Senaste nytt, Sverige Rubriker

Similar News:Du kan också läsa nyheter som liknar den här som vi har samlat in från andra nyhetskällor.

Foreign participation in Nigeria’s stock market dips to 11%Uncertainty, sustained foreign exchange shortage, insecurity and other macro economic challenges, continues to dampen foreign
Källa: GuardianNigeria - 🏆 1. / 94 Läs mer »

Naira falls to N1,561/$ in official market — lowest in three monthsThe Nigerian naira dropped to N1,561.98 against the dollar, on Wednesday, at the country’s official exchange rate window — the Nigerian Autonomous Foreign Exchange Market (NAFEM).
Källa: thecableng - 🏆 2. / 80 Läs mer »

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.
Källa: vanguardngrnews - 🏆 5. / 75 Läs mer »

Economist seeks diversification of foreign exchange earningsAn economist, Johnson Chukwu, has warned that Nigeria is gradually plunging into a debt crisis with a current debt-to-GDP ratio of 49.51 per cent while calling for diversification of foreign exchange earnings.
Källa: GuardianNigeria - 🏆 1. / 94 Läs mer »