Lawmaker Wants CBN Policy on Forex Sustained
Adedayo Akinwale in Abuja
A lawmaker representing Kano State in the House of Representatives, Ibrahim Garuba has called on the Central Bank of Nigeria (CBN) to sustain its policy on foreign exchange that had saw the Naira regaining some value against the Dollar.
Garuba made the call while speaking to journalists in Abuja, stressing that though some inconsistencies had been witnessed as regards government policies, but noted that for the past few weeks the impact of government policies on forex have crashed the exchange rate in the market.
According to him, “I think what has been happening was just like try and error but maybe now for first three or four weeks we have started seeing impact on the policy of government.”
Continuing he said: “There was a time last six weeks, Dollar was selling at about N520 now it has come down to N320, why because government is now funding the forex market.”
Garuba not that if the CBN could sustain the policy, it would help the Naira in sustaining its strength.
“If they (CBN) do not certainly the demand will outweigh the supply and provided the demand cannot meet the supply there is always the factor of high cost of the dollar. But I’m appealing to the federal government to sustain it if they can, so that we can pay our children’s school fees, we can get our basic travel allowance or business travel allowance or personal travel allowance from the banks.”
