Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » At last, NEC urges CBN to review forex policy

    At last, NEC urges CBN to review forex policy

    February 18, 2017
    Share
    Facebook Twitter LinkedIn WhatsApp
    *Forex trading.

    Oscarline Onwuemenyi

    18 February 2017, Sweetcrude, Abuja – The National Economic Council (NEC) has urged the Central Bank of Nigeria (CBN) to immediately review the exchange policy to relieve the burden on businesses in the country.

    The Deputy Governor of Nasarawa State, Mr Silas Agara, disclosed this at the end of the council’s meeting at the Presidential Villa, Abuja.

    He said that the decision followed the presentation by the CBN governor, Mr Godwin Emefiele, on the matter and deliberations by the NEC on the currency options.

    “Council took a brief presentation on forex policy options by the CBN governor.

    “Council members generally expressed concern over the current situation of the exchange rate and called for an urgent review of the forex policy, especially the gap between inter-bank’s and the parallel market’s rates.

    “The CBN governor sued for patience and understanding assuring that the situation is being closely managed.”

    Agara said that NEC also held a valedictory session for Gov. Olusegun Mimiko of Ondo, who attended his last NEC meeting before leaving office.

    He said that NEC eulogized Mimiko’s contributions to the meeting and commended him for facilitating a smooth transition in his state.

    Also speaking to the media at the end of the meeting, the Minister of Agriculture, Chief Audu Ogbe, said he briefed the council on the progress made in agriculture and the challenges of prices especially the need to balance the interests of the farmer against those of the buyers.

    He said that there was a massive harvest of wheat and rice in many Northern states and appealed to the states to purchase the excess grains and build their buffer stocks.

    He said that the federal government would put in machinery to take care of the strategic reserves.

    Ogbe said that Nigeria must take all precaution to prevent drought despite the good harvests expected this year.

    According to him, the ministry advised states to invest more in dams and lakes to guarantee all-year round production and also to avoid challenges of food production.

    “It is good to anticipate; one of our weaknesses as a people is that we do not anticipate the future until disaster happens.

    “We are not expecting drought but we should not be comfortable in our comfort zone now without thinking of the possibility of drought happening,” he said.

    Related News

    NIMASA sets 8-year repayment, presents guidelines, plans amid interest rate concerns

    Nigeria’s economy grows strongly amid high inflation – World Bank

    Gold prices fell over eased safe-haven demand

    E-book
    Resilience Exhibition

    Latest News

    NIMASA sets 8-year repayment, presents guidelines, plans amid interest rate concerns

    May 12, 2025

    Nigeria’s economy grows strongly amid high inflation – World Bank

    May 12, 2025

    Gold prices fell over eased safe-haven demand

    May 12, 2025

    Schneider Electric’s Panel Builder Programme empower local builders

    May 12, 2025

    IAE 2025: Exploring global partnerships to unlock Africa’s energy potential

    May 12, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.