Senate urges CBN to relax strict forex policy

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The Senate has urged the Central Bank of Nigeria (CBN) to relax its strict Foreign Exchange policy, saying it is doing more harm than good. Senate President Bukola Saraki, at a meeting with the Managing Director of the International Monetary Fund (IMF) Christine Lagarde, said small businesses especially were suffering unnecessarily. \r\nHe asked the apex bank to introduce a more flexible foreign exchange regime and reduce the restrictions on the autonomous market, which does not allow business men to bring in foreign exchange or utilise what they have in their accounts. The Senate President equally canvassed a similar view at a private meeting with CBN Governor Godwin Emefiele, imploring him to consider the effects of the present forex regime on small businesses, which are dying following decreasing crude oil revenue. \r\nSaraki urged the IMF chief to support the CBN to bring in low interest loans to SMEs, adding that \”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.\”

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