SENATE has vowed to reject the proposal to review the Nigerian Foreign Exchange Act in order to allow the federal government jail people who hold dollars in cash for more than 30 days. According to a draft published on the website of the Nigerian Law Reform Commission, the measure is to empower the Central Bank of Nigeria, CBN, to control in and out flow of foreign currencies. “The amendments are necessary for effective monitoring and control, and to ensure probity in foreign exchange transactions in Nigeria,” the draft read. But in a statement signed by Aliyu Abdullahi, spokesman of the upper legislative chamber, the Senate said the proposal was capable of discouraging foreign investors. Abdullahi said that the Senate was more interested in boosting investor’ confidence in the nation’s economy, and not the other way round. “The measure is disruptive and counter- productive, threatening to undermine
many of the reform efforts already underway in the legislature and by government ministries intended to boost investor confidence,” the statement read. “The Senate would never pass such a punitive and regressive proposal. Overall, some of the Commission’s recommendations have many sound attributes and could help Nigeria’s investment climate. We believe the CBN should have the authority to regulate the foreign exchange market and determine the exchange rate policy as already enshrined in its enabling Act. “A market-oriented exchange rate policy is the best recipe for guiding the operations of the foreign exchange market. This will ensure the supremacy of market mechanisms in efficiently allocating the scarce foreign exchange resources. “We will continue to work with the executive to halt the worsening recession and return to economic growth


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  • vic

    MATTERS OF THE MOMENT:

    THESE DOLLAR- LOOTER SENATORS ARE ALREADY GUILTY OF DOLLAR HOARDING

    THIS WAS EXPECTED BECAUSE ALMOST ALL SENATORS ARE HOARDING ILLICIT DOLLARS IN THEIR HOUSES, IN THEIR PROPERTIES, IN THEIR BUSINESS PREMISES. THEY ARE ALL WHOLESOME ECONOMIC SABOTEURS AND THIEVES FROM THE HOUSE OF THIEVES WHO ARE USING WISHY-WASHY DEBATE TO PUT DOWN THIS VERY SANE AND PATRIOTIC PROPOSAL. WHEN THE SENATORS ARE LOOTERS THIS GREAT COUNTRY NIGERIA CANNOT COME OUT FROM THE WOODS.

    ALL WELL- MEANING AND PATRIOTIC NIGERIANS WILL CONDEMN THIS MOVE FROM THE THIEFY SENATORS, HEADED BY THE CHIEF THIEF AND A DOLLAR -LAUNDERING CHIEF LOOTER , SENATOR SARAKI. EACH OF THESE MONEY BAG SENATORS ARE HOARDING MILLIONS OF DOLLARS IN THE STRONG ROOMS AND SO UNDER NO CIRCUMSTANCE THEY WILL AGREE TO 30-DAY PROPOSAL. THERE MUST BE ANOTHER WAY OUT FROM THIS PREDICAMENT TO CATCH THESE POT-BELLY DOLLAR MEN.