NEC asks CBN to review forex policy


The National Economic Council (NEC) on Thursday called on the Central Bank of Nigeria to embark on urgent review of the current foreign exchange policy.

The council also resolved to inject fresh $250m into the Sovereign Wealth Fund.

The decisions were taken at the council’s first meeting of the year presided over by Acting President Yemi Osinbajo at the Presidential Villa, Abuja

Rivers State Deputy Governor, Ipalibo Banigo; Nassarawa State Deputy Governor, Silas Ali Agara; Minister of Finance, Kemi Adeosun; and the Minister of Agriculture, Audu Ogbeh, briefed State House correspondents at the end of the meeting.

The NEC which has all state governors as members is chaired by Osinbajo.

Agara said after an extensive discussion on the foreign exchange policy, the CBN Governor, Godwin Emefiele, called on council members to be patient as the situation is being managed.

“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,” the deputy governor said.

Adeosun said she reported to the council that a member each from the nation’s six geo-political zones had been nominated into the board of the Nigeria Sovereign Investment Authority.

She listed the nominees as North-East -Halima Buba ( Non-Executive Director); North West – Bello Maccido (Non-Executive Director); North Central – Lois Laraba Machunga-Disu (Non-Executive Director); South West – Babajide Zetilin (Non-Executive Director); South East – Urum Kalu Eze (Non-Executive Director); and South-South – Abue Ighodalo.

The minister said council members unanimously adopted the nominations for onward consideration by President Muhammadu Buhari for his final approval.


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