THE Senate has rejected a Bill seeking to establish a foreign exchange market in Nigeria, saying it would have been better sponsored as an Executive Bill and not as a private one because of its objectives.
The proposed law was titled, “The Foreign Exchange Bill, 2024 . It was read for the first time on Tuesday, February 20, 2024.
“The objectives of the Bill include amongst others – To establish a foreign exchange market; To provide for the regulation, monitoring and supervision of the transactions conducted in the market and for related matters; To contribute to the sound development of the National Economy by striving to facilitate foreign transactions; To maintain an equilibrium of balance of International payments;
“Clause 18 and were added to expand the scope of dealers in the market and where funds are purchased from the Bank. The market rate may be subject to rules and regulations prescribed by the Bank. “This Bill does not attach or envisage any financial burden on government because it does not seek to establish any Agency or Commission that may require funding by Government.
Most Senators in their various contributions expressed the fears that a fresh legislation seeking to monitor or control the activities of the foreign exchange market apart from what the CBN was doing, could be counter productive.
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