Naira: NEC Orders CBN To Quickly Review Exchange Rate

Naira: NEC Orders CBN To Quickly Review Exchange Rate

The National Economic Council (NEC) on Thursday expressed concern over the exchange rate and directed the Central Bank of Nigeria (CBN) to quickly facilitate an urgent review of the current forex policy‎ in the country.

The meeting which lasted for over five hours was presided over by Acting President Yemi Osinbajo, with the 36 state governors in attendance.

Other members of NEC are the Attorney General of the Federation and Minister of Justice, Secretary to the Government of the Federation (SGF), Head of Service of the Federation (HoSF) and other top government functionaries.

The council said the review would cushion the suffering Nigerians are going through in view of the free fall of the naira at the parallel market. Naira currently exchanges for N510 to the dollar at the parallel market, while CBN official rate remains at N305.50 to the dollar.

Deputy Governor of Nasarawa State, Silas Agara who addressed State House correspondents after the meeting yesterday said there was the need to close the gap between the inter-bank and the parallel market rates of the naira.

Nigerian Bulletin