NEC Tells CBN to Review Forex Policy
By Modupe Gbadeyanka
The Central Bank of Nigeria (CBN) has been asked to review it foreign exchange policy amid the free fall of the local currency at the forex market.
The Naira, since the inception of this present administration in 2015, has continued to perform woefully against the Dollar and other major currencies.
As at Friday, February 17, 2017, the Naira was exchanged at N516 to the Dollar at the parallel market.
Worried by this, the National Economic Council (NEC) on Thursday asked the apex bank to urgently review its foreign exchange policy to save the Naira.
Addressing newsmen at the end of the NEC meeting, Nassarawa State Deputy Governor, Mr Silas Aghara, who was joined by his Rivers State counterpart, Dr Ipalibo Harry Banigo, Finance Minister Mrs Kemi Adeosun and Agriculture Minister Audu Ogbeh, said the council expressed concern over the issue.
He said further that at the meeting, presided over by the Acting President, Mr Yemi Osinbajo, the CBN Governor, Mr Godwin Emefiele, pleaded for time, patience and understanding of Nigerians in reviving the economy.
“After a brief presentation on forex policy options by the CBN governor, Council members generally 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 is being closely managed.
“At today’s council, we were only trying to encourage the CBN Governor that given the general outcry in the country, so that they 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,” he said.
The council said it is aware that the current exchange rate has adversely affected the prices of goods and services in the country.