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The Senate on Thursday rejected a bill that aimed to review regulations in the foreign exchange market in Nigeria.
The legislation, titled 'The Foreign Exchange (Control And Monitoring) Bill, 2024 (SB. 353)', was introduced by Senator Sani Musa and sought to provide for the control, monitoring, and supervision of transactions in the foreign exchange market.
Musa emphasized that the proposed law was important for repealing the existing Foreign Exchange (Monitoring and Miscellaneous Provision) Act and for regulating and supervising transactions in the market.
He also highlighted the bill's goal of stabilising the currency value, facilitating foreign transactions, and maintaining balance in international payments.
He said the bill aimed to empower the Central Bank of Nigeria to administer, control, and manage all foreign exchange transactions.
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