Osinbajo, state Governors ask CBN to review exchange rate policy

(Endowed Blogs.)Nigeria's central bank governor Godwin Emefiele speaks during the monthly Monetary Policy Committee meeting in Abuja, Nigeria. (REUTERS/Afolabi Sotunde)  The National Economic Council (NEC) has called on the Central Bank of Nigeria (CBN) to review the current exchange rate policy.

This was revealed by the Nasarawa State Governor, Tanko Al Makura who spoke to newsmen after the Council meeting.

The NEC comprises of Governors from the 36 states of the federation, the CBN Governor, Godwin Emefiele, and is chaired by the Vice-President, Yemi Osinbajo.

According to Premium Times, the Governors are worried about the alarming gap between the inter-bank foreign exchange rates and that of the parallel market (black market) rates.

Reports say the CBN’s decision to remove the exchange rate band, to increase supply of the dollar, might have given rise to the rise in the rates.

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“Prior to the introduction the flexible foreign exchange policy June last year, the exchange rate for Naira stood within a band of N197 and N199 to the dollar,” Premium Times reports.

The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, was recently elected as the Chairman of the International Islamic Liquidity Management Corporation (IILM).