Senate rejects bill to repeal foreign exchange act and establish forex market in Nigeria - 9jaflaver





Light Dark

WELCOME TO 9JAFLAVER

NEWS  |  SOCCER LIVE-SCORE   |  MOVIES   |  +18 ADULT LEAKS   |   INSTALL 9JAFLAVER MUSIC APP   |  HOTTEST 100 SONGS  |  SPORTS  |  CELEBRITY GIST  |  MIXTAPE  |  JOKES  |  COMEDY VIDEOS  |  NIGERIAN MUSIC ARTISTES  |  







Senate rejects bill to repeal foreign exchange act and establish forex market in Nigeria

    Posted by on July 11, 2024,




Senate rejects bill to repeal foreign exchange act and establish forex market in Nigeria



The Senate has rejected a bill aimed at repealing the Foreign Exchange (Monitoring and Miscellaneous Provision) Act, 2004, and establishing a new Foreign Exchange Market in Nigeria.

Sponsored by Senator Mohammed Sani representing Niger East, the bill was first read in February 2024. Its purpose was to introduce provisions for the control, monitoring, and supervision of transactions within the Foreign Exchange Market.

In his lead debate, Senator Sani emphasized that the bill did not seek to establish any new agency or commission that would require government funding. He argued that, if passed, the bill would contribute to the sound development of Nigeria’s economy, facilitate foreign transactions, and stabilize the naira by liberalizing foreign transactions.

Clause 6 of the bill proposed new sub-clauses requiring authorized dealers to report foreign exchange sources exceeding $10,000 to the Central Bank of Nigeria (CBN), detail their utilization, and obtain prior CBN approval for importing foreign currency notes.

While some lawmakers supported the bill, others called for further scrutiny, describing certain provisions as confusing. Concerns were raised about the immediate impact the bill’s passage could have on the forex market and the potential pressure on the naira.

After a voice vote, the Senate decided to quash the bill.








Promote Article, Music, Video, Comedy Skit & Virals
Call: +2348143945195 Or +2349027283345

Whatsapp: +2348143945195



















Comment Below:-

Enter Name Below (Optional)

         
Enter Comment Below:-



ATTENTION!! CAN'T FIND THE SONG YOU ARE LOOKING FOR? INSTALL 9JAFLAVER GO APP NOW TO GET ALL MUSIC, STREAM AND DOWNLOAD LEGALLY, AND LET YOUR FAVOURITE ARTISTS GET PAID ROYALTIES (CLICK HERE)




Promoted Songs
Great Mumbela


Song Artwork

Now Playing: Love Bug

Aretti Adi






DMCA.com Protection Status

© 2014-2024 9jaflaver. All Rights Reserved.


About us | DMCA | Privacy Policy | Contact us

| Advertise| Request For Music | Terms Of Service


9jaflaver is not responsible for the content of external sites.