Review your FOREX policy now: NEC tells CBN

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Review your FOREX policy now: NEC tells CBN

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The National Economic Council (NEC) on Thursday urged the Central Bank of Nigeria (CBN) to immediately review the exchange policy.
Central Bank

Central Bank

The Deputy Governor of Nasarawa, Mr Silas Agara, disclosed this at the end of the council’s meeting at the Presidential Villa, Abuja.He said that the decision followed the presentation by the CBN governor, Mr Godwin Emefiele, on the matter and deliberations by the NEC on the currency options. “Council took a brief presentation on forex policy options by the CBN governor.“Council members generally expressed concern over the current situation of the exchange rate and called for an urgent review of the forex policy, especially the gap between inter-bank’s and the parallel market’s rates.“The CBN governor sued for patience and understanding assuring that the situation is being closely managed.’’Also Speaking Agriculture Minister, Mr Audu Ogbe, said he briefed the council on the progress made in agriculture and the challenges of prices especially the need to balance the interests of the farmer against those of the buyers.He said that there was a massive harvest of wheat and rice in many Northern states and appealed to the states to purchase the excess grains and build their buffer stocks.He said that the federal government would put in machinery to take care of the strategic reserves.Ogbe said that Nigeria must take all precaution to prevent drought despite the good harvests expected this year.According to him, the ministry advised states to invest more in dams and lakes to guarantee all-year round production and also to avoid challenges of food production.“It is good to anticipate; one of our weaknesses as a people is that we do not anticipate the future until disaster happens.“We are not expecting drought but we should not be comfortable in our comfort zone now without thinking of the possibility of drought happening,’’ he said.

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