Senate Rejects Bill To Establish Forex Market In Nigeria

The Senate on Thursday rejected a proposed bill that aimed to establish a foreign exchange market in Nigeria.

The bill, titled “The Foreign Exchange (Control And Monitoring) Bill, 2024 (SB. 353),” was sponsored by Senator Sani Musa and sought to provide regulations and supervision for transactions conducted in the foreign exchange market.

However, many senators expressed concerns about the potential overlap of the forex market with the Central Bank of Nigeria (CBN’s) existing control over the market.

The lawmakers argued that introducing additional legislation could lead to confusion and generate counterproductive outcomes.

Despite the Senate President’s suggestion for further consultations and withdrawal of the bill, Senator Musa refused while majority of lawmakers voted against its second reading.