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Why NEC wants CBN to review Forex policy urgently

Yemi Osinbajo

Yemi Osinbajo

 

The National Economic Council (NEC) has asked the Central Bank of Nigeria( CBN) to urgently review its foreign exchange (Forex) policy to save the Naira and the Nigerian economy.

The Deputy Governor of Nassarawa State, Mr. Silas Aghara told newsmen on Thursday in Abuja at the end of NEC meeting presided over by the Acting President, Yemi Osinbajo, that the review was necessary because the current exchange rate had affected the prices of goods in the market. The Naira traded at N516 to a dollar on Thursday at the parallel market, creating fears that the Nigerian currency fall might not abate soon.

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He said: “After a brief presentation on forex policy options by the CBN Governor, Council members expressed concern over the current situation of the exchange rate and called for an urgent review of the current forex policy, especially the gap between interbank and the parallel market rates.

“The CBN governor sued for patience and understanding, assuring that the situation was being closely managed.

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“At today’s council, we were only trying to encourage the CBN governor that given the general outcry in the country, the public can show understanding and patience with the CBN governor in what he is doing to revive the economy. Generally, we support the position of the CBN and we are calling on Nigerians to equally show understanding in what they are doing.”

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Minister of Finance, Mrs Kemi Adeosun said at the press conference that $250m would be injected into the Sovereign Wealth Funds as approved by the Council.

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