Business
Senate slams CBN’s forex policy
The Nigerian Senate has come down hard on the Central Bank of Nigeria (CBN) over its strict Foreign Exchange policy, and urged the apex bank to relax the policy, stating that it does more harm to the nation’s economy than good.
Senate President, Bukola Saraki during a meeting with the Managing Director of the International Monetary Fund, IMF, Christine Lagarde said small businesses especially, are being made to suffer unnecessarily.
He called on the apex bank to introduce a more flexible foreign exchange regime and reduce the present 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 had equally canvass a similar view at a private meeting with CBN Governor, Mr. Godwin Emefiele during which he implored him to consider the effects of the present forex regime on small businesses which are dying following evaporating crude oil revenue.
Saraki also told Lagarde that “The IMF should support our CBN to bring in low interest loans to SMEs. 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.”
He explained that his office has received numerous complaints from small business owners, complaining that their businesses are being threatened by the huge bottlenecks now involved in doing business.
“As legislators, we play an important role in making our people understand IMF’s advice, policy trade-offs, consultations and other engagements, so that ownership, transparency and accountability are brought to bear on economic policy choices”, he said.
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