Following the constant pressure by the Senate
President, Bukola Saraki on Monday, January 11, 2016 urged the Central
Bank of Nigeria for quicker results on the forex policy.
He made this statement on his twitter account that read: “a decision needs to be made as soon as possible.
“We need to find a way for legitimate businesses to access forex.”
During the meeting, he told Lagarde, “IMF should support our CBN to bring in low interest loans to SMEs. We need to encourage entrepreneurs and make most of our new graduates job creators rather than job seekers. This is an area where we need the financial support and technical assistance of the IMF.
“As legislators, we play an important role in making our people understand IMF’s advice, policy trade-offs, consultations and other engagements, so that ownership, transparency and accountability are brought to bear on economic policy choices.
“Since the advent of the new administration, we have worked closely to stabilize the economy and steady the fiscal environment. This, we have indeed demonstrated by the speedy passage of the Medium Term Expenditure Frame Work (MTEF) and recently in the postponement of our recess in order to receive President Muhammadu Buhari to present the 2016 Appropriation Bill.
“Pivotal to the attainment of this overarching objective is the state of the Nigerian business environment. In collaboration with major stakeholders, the 8th Senate is presently signing a memorandum of understanding on Enhancing Nigerian Advocacy for Better Business Environment Project, a National Assembly business and investment roundtable initiative, with developmental organizations”, the Senate President said.
He said small businesses especially, are being made to suffer unnecessarily and called on the apex bank to introduce a more flexible foreign exchange regime.
He also asked for the reduction of the present restrictions on the autonomous market which does not allow business men to bring in foreign exchange or utilise what they have in their accounts.Naij.com recalls that Saraki had equally canvass a similar view at a private meeting with CBN Governor, Mr. Godwin Emefiele during which he implored him to consider the effects of the present forex regime on small businesses which are dying following evaporating crude oil revenue.
He made this statement on his twitter account that read: “a decision needs to be made as soon as possible.
“We need to find a way for legitimate businesses to access forex.”
A decision needs to be made as soon as possible. We need to find a way for legitimate businesses to access forex.
— Bukola Saraki (@bukolasaraki) January 11, 2016
Also, on Thursday, January 7 2015, he urged the bank to relax its
strict Foreign Exchange policy as it is doing more harm to the economy
during a meeting with the Managing Director of the International
Monetary Fund, IMF, Christine LagardeDuring the meeting, he told Lagarde, “IMF should support our CBN to bring in low interest loans to SMEs. We need to encourage entrepreneurs and make most of our new graduates job creators rather than job seekers. This is an area where we need the financial support and technical assistance of the IMF.
“As legislators, we play an important role in making our people understand IMF’s advice, policy trade-offs, consultations and other engagements, so that ownership, transparency and accountability are brought to bear on economic policy choices.
“Since the advent of the new administration, we have worked closely to stabilize the economy and steady the fiscal environment. This, we have indeed demonstrated by the speedy passage of the Medium Term Expenditure Frame Work (MTEF) and recently in the postponement of our recess in order to receive President Muhammadu Buhari to present the 2016 Appropriation Bill.
“Pivotal to the attainment of this overarching objective is the state of the Nigerian business environment. In collaboration with major stakeholders, the 8th Senate is presently signing a memorandum of understanding on Enhancing Nigerian Advocacy for Better Business Environment Project, a National Assembly business and investment roundtable initiative, with developmental organizations”, the Senate President said.
He said small businesses especially, are being made to suffer unnecessarily and called on the apex bank to introduce a more flexible foreign exchange regime.
He also asked for the reduction of the present restrictions on the autonomous market which does not allow business men to bring in foreign exchange or utilise what they have in their accounts.Naij.com recalls that Saraki had equally canvass a similar view at a private meeting with CBN Governor, Mr. Godwin Emefiele during which he implored him to consider the effects of the present forex regime on small businesses which are dying following evaporating crude oil revenue.
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