ABUJA-Following the free fall of the Naira
against the Dollar in the foreign exchange market, the National
Economic Council, NEC, has asked the Central Bank of Nigeria, CBN, to
urgently review its foreign exchange policy.
NEC noted that the current
exchange rate, which had invariably affected the prices of goods in the
market to an all time high, was no longer sustainable.
At the moment, the local currency exchanges N510 to one Dollar.
The development confirmed
Vanguard Exclusive report yesterday that the Federal Government needed
to take urgent and drastic steps to revive the economy and also save the
Naira.
Briefing State House
correspondents at the end of NEC meeting presided over by the Acting
President, Yemi Osinbajo, at the Presidential Villa, Abuja, yesterday,
the Deputy Governor of Nassarawa State, Mr. Silas Aghara, who was joined
by his Rivers State counterpart, Dr. Ipalibo Harry Banigo, the Minister
of Finance, Mrs. Kemi Adeosun and that of Agriculture, Chief Audu
Ogbeh, said governor of the Central Bank of Nigeria, Mr. Godwin
Emefiele, pleaded for time, patience and understanding of Nigerians to
revive the economy.
He said: "After a brief
presentation on forex policy options by the CBN Governor, Council
members expressed concern over the current situation of the exchange
rate and called for an urgent review of the current forex policy,
especially the gap between interbank and the parallel market rates.
"The CBN governor sued for patience and understanding, assuring that the situation was being closely managed.
"At today's council, we were
only trying to encourage the CBN governor that given the general outcry
in the country, the public can show understanding and patience with the
CBN governor in what he is doing to revive the economy. Generally, we
support the position of the CBN and we are calling on Nigerians to
equally show understanding in what they are doing."
Also speaking, the Finance
Minister, Mrs Kemi Adeosun stated that the sum of $250m was approved by
NEC to be injected into the Sovereign Wealth Funds.
She explained that the approval
was made after adopting the report and accounts of the Nigerian
Sovereign Investment Authority presented by the Managing Director, Mr.
Uche Orii.
Adeosun also hinted that the
Excess Crude Accounts where the $250m would be sourced stood at
$2,458,382,844.03 as at February 15, 2017.
She said: "Managing
Director/Chief Executive Officer, Mr. Uche Orii presented a report to
Council on the NSIA annual reports and accounts for the year ended 2015
and update on 2016 activities.
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