Osinbajo, others demand urgent review of forex policy

- The National Economic Council demands the immediate review of the current foreign exchange policy by the Central Bank of Nigeria

- The Nigerian naira crashes to a new record low at parallel market as it now trades at N516 per United States dollar on Thursday, February 16

State governors have expressed concerns over the continued widening gap between the inter-bank foreign exchange and parallel market rates.

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Worried by the forex crisis, the governors on Thursday, February 16, demanded the immediate review of the current foreign exchange policy by the Central Bank of Nigeria.

Governor Tanko Al Makura of Nasarawa, who briefed journalists at the end of the National Economic Council (NEC) meeting in Abuja said the council, which was presided by acting president Yemi Osinbajo, expressed serious concern over the current situation of the exchange rate, especially the gap between inter-bank and the parallel market rates, Premium Times reports.

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The council therefore called on the CBN Governor, Godwin Emefiele, to do something immediately.

Meanwhile, the Nigerian Naira has again crashed to a new record low at parallel market as it now trades at N516 per United States dollar on Thursday, February 16.

The Naira plummeted at the parallel market from N510/dollar on Wednesday, February 15, to a new record low of N516/dollar.

The local currency also depreciated to N630 against the Pound sterling from N625 and crashed against Euro to trade at N538 from N535.

An economic expert, Mr. Henry Boyo, has predicted that the naira will hit 1000/dollar on the parallel market in 2017 if the Central Bank of Nigeria, CBN, fails to review its monetary policy framework immediately.

Source: Legit.ng