cbnSenate President, Dr. Abubakar Bukola Saraki has decried the strict foreign exchange policy of the Central Bank of Nigeria, CBN, saying it is doing more harm to the nation’s economy than good.
Saraki therefore called on the apex bank to introduce a more flexible foreign exchange regime and reduce the present restrictions on the autonomous market which he said does not allow business men to bring in foreign exchange or utilise what they have in their accounts.
The Senate President, who spoke during a meeting with the Managing Director of the International Monetary Fund, IMF, Christine Lagarde in Abuja, said small businesses especially are being made to suffer unnecessarily.
He equally canvassed a similar view at a private meeting with CBN Governor, Mr. Godwin Emefiele during which he implored him to consider the effects of the present forex regime on small businesses which are dying following evaporating crude oil revenue.
Saraki also told Lagarde that “The IMF should support our CBN to bring in low interest loans to SMEs. We need to encourage entrepreneurs and make most of our new graduates job creators rather than job seekers. This is an area where we need the financial support and technical assistance of the IMF”.
He explained that his office has received numerous complaints from small business owners, complaining that their businesses are being threatened by the huge bottlenecks now involved in doing business.
“As legislators, we play an important role in making our people understand IMF’s advice, policy trade-offs, consultations and other engagements, so that ownership, transparency and accountability are brought to bear on economic policy choices.
“The Nigerian legislature strongly believes that having a collaborative working relationship with the executive branch of government brings development closer to the people.
“Since the advent of the new administration, we have worked closely to stabilize the economy and steady the fiscal environment. This, we have indeed demonstrated by the speedy passage of the Medium Term Expenditure Frame Work, MTEF and recently in the postponement of our recess in order to receive President Muhammadu Buhari to present the 2016 Appropriation Bill.
“The purpose of our Legislative Agenda is to enable us focus our lawmaking in areas that will help create jobs, expand our infrastructure base and make our economy work for the benefit and happiness of the majority of our people.
“Pivotal to the attainment of this overarching objective is the state of the Nigerian business environment.
“In collaboration with major stakeholders, the 8th Senate is presently signing a memorandum of understanding on Enhancing Nigerian Advocacy for Better Business Environment Project, a National Assembly business and investment roundtable initiative, with developmental organizations”, he stressed.
The Senate President used the occasion to call on the Central Bank of Nigeria, CBN to ensure that in reacting to recent developments in the economy, it does not devalue the Naira for the mere sake of devaluation.


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  • vic

    AND AT THE BACK OF IT ALL, SENATOR SARAKI, YOU WOULD WANT TO BRING IN YOUR ILL-GOTTEN DOLLAR LOOT INTO YOUR DOMICILIARY ACCOUNT TO GIVE IT A LEGAL FLAVOUR AND STATUS???

    NO, MR SARAKI, THAT IS NOT GOING TO HAPPEN ANYTIME SOON, YOU WILL SIMPLY CONTINUE TO SIT ON YOUR DOLLAR LOOT BURIED UNDER YOUR BEDROOM LOCKER BUT THIS DOLLAR LOOT WILL NOT BE ACCEPTED BY ANY BANK, CRY AS MUCH AS YOU LIKE IN THE NAME OF FAILING SMALL BUSINESSES, AS YOU PUT IT.

    ONE MORE THING MR SARAKI, BEFORE I FORGET IT. WHEN IS YOUR NEXT HEARING BEFORE THE TRIBUNAL FOR THE 23 CRIMINAL CHARGES SLAMMED AGAINST YOU BY THE TRIBUNAL FOR MONEY LAUNDERING, OPERATING ILLEGAL FOREIGN ACCOUNTS WHILE IN OFFICE AND ACQUIRING PROPERTIES DOTTED ALL OVER NIGERIA ILLEGALLY WITH RESOURCES BEYOND YOUR MEANS, WORTH MORE THAN A TRILLION NAIRA AS WIDELY PUBLISHED IN THE NIGERIAN NEWSPAPERS.

    IT IS FUNNY THAT SHAMELESS BOLD FACED SENATOR LOOTERS, THIEVES AND CROOKS LIKE YOU, CONTINUE TO COME OUT IN THE OPEN TO PREACH NIGERIANS AND THE IMF CHIEF, AMONG OTHERS.

    REMEMBER SARAKI, 100 DAYS FOR THE THIEF AND ONE DAY FOR THE OWNER. THAT ONE DAY FOR THE OWNER IS FAST APPROACHING WHICH WILL LOCK YOU UP PERMANENTLY IN THE KUJE PRISON ALONG WITH THE RETURN OF ALL LOOTED PROPERTIES AND DOLLARS. BIG MOUTH, SARAKI BOY, IT WILL BE NICE TO SEE YOU IN DOCKS AGAIN.

    • Felix Asikpata

      Hmmm. Dripping with spite, cynicism and hatred. Perhaps some quantity of jealousy! This won’t build Nigeria. Honestly, it wont. Constructive criticism and engagement would be more in line with building a not just a prosperous but a peaceful Nigeria. Enough of the gospel of hatred, spite and prejudices!

      • vic

        it is not spite or hatred, these are the facts and the facts are often bitter.

        i am not competing or comparing myself with any corrupt sycophant and am not jealous of scums like saraki. he will soon be paying for his sins.