The Senate on Thursday rejected a bill seeking to review foreign exchange market regulations in the country.
The piece of legislation sponsored by the Chairman, Senate Committee on Finance, Senator Sani Musa, (APC Niger East), also seeks to make provisions for the control, monitoring and supervision of transactions conducted in the foreign exchange market.
The proposed law is titled, “The Foreign Exchange (Control And Monitoring) Bill, 2024 (SB. 353)”. It was read for the first time on Tuesday, February 20, 2024.
In his Lead debate, Musa described the bill as an important legislation that seeks to repeal the Foreign Exchange (Monitoring and Miscellaneous Provision) Act, Cap. F34, Laws of the Federation of Nigeria, 2004.
Musa said the proposed law would provide for the regulation, monitoring, and supervision of the transactions conducted in the market and for related matters.
He said it would also contribute to the sound development of the National economy by striving to facilitate foreign transactions and maintain an equilibrium of balance of International payments
He said, “The Bill seeks to stabilize the value of the currency by ensuring the liberalization of foreign exchange transactions to maintain an equilibrium of balance of International payments.
