Welcome to 9jaflaver

HOME | MUSICS | FREEBEAT | VIDEOS | NEWS | TECHS | JOKES | COMEDY VIDEOS | CONTACT US

Celebrity News | 9ja foods / recipes | 9ja Musics | 9ja News | Education | Fashion | Football Updates | Freebeats | Lifestyle | Funny Photos

Like us on facebook | Follow us on twitter

You Can Email Us:- [email protected]

Follow Us On Instagram Here

Quick Contact
23408114624972

Music Producers Send Us Your Freebeats /Instrumentals Let's Promote It For Free Here

Upcoming Artistes:- Promote your music on 9jaflaver Here

DOWNLOAD 9JAFLAVER ANDROID APP HERE

Call Ego Catering Services Now For All Your Quality Dishes, Event Planning, Cakes, e.t.c (Click Here)



« | »

Senate will reject proposal to punish people for ownership of Forex

Senate will reject proposal to punish people for ownership of Forex

The Senate has expressed surprise at a recommendation by the Nigerian Law Reform Commission for a review of the Nigerian Foreign Exchange Act in order to empower the Central Bank of Nigeria to jail people for up to two years or fine them for 20 percent of the amount of the foreign currency held in their possession for more than 30 days.
The Senate in a statement signed by its spokesperson, Senator Aliyu Sabi Abdullahi stated that with its focus on boosting investor’ confidence in the nation’s economy, such move as proposed by the Commission that will prevent investors from making free entry and free exit from the market will be outrightly rejected by its members.
“The measure is disruptive and counter productive, threatening to undermine many of the reform efforts already underway in the legislature and by government ministries intended to boost investor confidence.
“The Senate would never pass such a punitive and regressive proposal. Overall, some of the Commission’s recommendation has many sound attributes and could help Nigeria’s investment climate. We believe the CBN should have the authority to regulate the forex market and determine the exchange rate policy as already enshrined in its enabling Act.
” A market-oriented exchange rate policy is the best recipe for guiding the operations of the foreign exchange market. This will ensure the supremacy of market mechanisms in efficiently allocating the scarce forex resources”, the Senate stated.It added:
“we will continue to work with the Executive to halt the worsening recession and return to economic growth.”The proposed changes are said to be intended to help control capital flows and prevent foreign exchange from being taken out of the country. Analysis of the proposed rules changes, that were posted on the Commission’s website, states that “the amendments are necessary for effective monitoring and control, and to ensure probity in foreign-exchange transactions in Nigeria.”
Last September, the Senate spearheaded an economic agenda to pass key reform legislations to promote economic growth through greater public sector participation, boost investor confidence and create jobs
Also in June, the CBN was cheered for loosening its control over exchange rate policy in a bid to encourage investors to return to Nigeria and prevent capital flight. Hopes were high after the Nigerian government finally allowed the naira to float, as was recommended by domestic and international investment advisors. Currently, however, the markets do not reflect a loosening of CBN control over the forex market, leading to the emergence of multiple exchange rates.

Signed
Senator Aliyu Sabi Abdullahi
Chairman, Senate Committee on Media and Public Affair

Click Here To Comment On This Post

THANK YOU FOR VISITING 9jaflaver.com WE HOPE TO SEE YOU COME VISIT AGAIN
You can go through other informative, and entertaining posts here on 9jaflaver, and you can even comment at the buttom of this post. THANK YOU

Follow Us On Instagram Here

Follow us on twitter Here

Like us on facebook Here

Posted by on November 21, 2016.

Categories: 9ja news

There is love in sharing

0 Responses

Don't Just Read A Post And Go, Comment Below To Make The Post Lively

Do You Have Something To Say? Comment In The Box Below

Your Name Below

NOTE:- After Dropping your comment, keep calm, it will take 5mins before it appears.

« | »


9jaflaver Face Of The Week

Name:- Blisz Onogwu
Occupation:- Student / Model
Call / BBM Pin:- 5C043FDD
Instagram:- IG_Bliszonogwu

Wish to be our face of the week? Send your photos, phone number, instagram handle to us via whatsapp:- 08114624972 or email:- [email protected]


Advertise | About Us | Privacy Policy | Contact Us | Content Removal | DMCA

Like us on facebook | Follow us on twitter
Copyright © 2016 9jaflaver
Powered By: 9jaflaver