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Foreign Exchange Bill scales 2nd reading at House of Reps

Published

7 years ago

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Reps okay bill to plug revenue leakages in oil sector

A Bill seeking to regulate and monitor the Foreign Exchange (FOREX) market on Wednesday passed second reading at the House of Representatives.

The bill seeks for an Act to repeal the Foreign Exchange (Monitoring and Miscellaneous) Act, 2004 (HB 1066).

Sponsor of the bill, Rep. Jones Onyereri (Imo-PDP) said that its objective was to promote effective regulation of the financial industry and system stability.

He said that the legislation would also create the necessary legal framework to ensure stability and growth in the FOREX market.

According to Onyereri, extant laws governing foreign exchange are outdated and not in tune with developments in the FOREX market.

The lawmaker said that it was for this reason he sought for the repeal and re-enactment of a new foreign exchange Act to take care of the exigencies of FOREX transactions.

The bill was unanimously adopted by members when it was put to a voice vote by the Speaker, Mr Yakubu Dogara.

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