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Saraki Asks CBN To Review Forex Policy

The President of the Senate , Dr. Bukola Saraki has asked the Central Bank of Nigeria to review the country’s foreign policy as Nigeria economic fortunes continues to dwindle.
Nigeria’s foreign exchange reserves fell by $5,183,866,731 in 2015, closing the year at a 10-year low.
“After series of engagements with SME owners who are affected by the current CBN policy on Forex, the senate have advised CBN to review,” he said.
Speaking at a meeting with Lagarde, Saraki described the IMF’s visit as important in the face of failing oil prices.
“Here at home, the effect of the low oil prices on government revenue is challenging us to think out of the box in funding the repair of infrastructure, boosting employment, and securing our borders and people,” he said.
“These are no mean tasks and we welcome the support of our friends in this trying period. “Our economic fundamentals remain robust and the economy is resilient to absorb the current oil price shock. The situation is bringing out the entrepreneurship in us.”
“We have also set in motion activities towards reforming our oil and gas industry through legislative initiatives in order to meet international best practices. Engaging with our people the issues we strongly made here of FOREX – to do business.”

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