Nigerian senators have rejected a bill seeking to amend the Foreign Exchange Act of 2004 expected to reduce the regulatory function of the Central Bank of Nigeria on the Fx Market.
The bill, titled “The Foreign Exchange (Control and Monitoring) Bill, 2024 (SB. 353),” was sponsored by Sani Musa (APC-Niger), Chairman of the Senate Committee on Finance, and was first read on Tuesday, February 20.
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According to NAN, Musa described the bill as crucial legislation intended to repeal the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, Cap. F34, Laws of the Federation of Nigeria, 2004.
He stated that the proposed law would regulate, monitor, and supervise market transactions and related matters.
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He added that the bill will stabilize the country’s foreign exchange market.
“The Bill seeks to stabilize the value of the currency by ensuring the liberalization of foreign exchange transactions to maintain an equilibrium of the balance of international payments.”
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