National Economic Council orders CBN to review its foreign exchange policy

National Economic Council has asked the Central Bank of Nigeria (CBN) to review its foreign exchange policy to save the naira from further depreciation against foreign currencies.

Deputy governor of Nasarawa state, Silas Agara, who made this known to the State House correspondents, after the end of the meeting at the Presidential Villa, Abuja, said the Council was worried over the widening gap between official and parallel rate of the naira in the foreign exchange market.

The CBN governor, Godwin Emefiele, according to the deputy governor, pleaded for patience and that the situation in the foreign exchange market was under the control of the apex bank.

Financial institutions have asked CBN to allow the naira to flow, freely, against foreign currencies, which President Muhammadu Buhari has, consistently, opposed.

Also speaking, finance minister, Kemi Adeosun said 250 million dollars is to be taken from the Excess Crude Account(ECA) to beef up the Sovereign Wealth Fund(SWF).

She put the fund in the Excess Crude Account at 2.46 billion dollars.

She said council members were informed that Nigeria’s SWF has the highest ranking in Africa in terms of performance and capitalisation.

“Council, while adopting the report of NSIA, decided to inject a fresh $250 million into the SWF sourced from the Excess Crude Account (ECA),” she said.

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