Home News Senate rejects bill seeking to use gold to boost external reserves

Senate rejects bill seeking to use gold to boost external reserves

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Senate rejects bill seeking to use gold to boost external reserves

The Senate has rejected a bill seeking to use gold to shore up the nation’s reserves in defence of the economy

Senate rejects bill seeking to use gold to boost external reserves
Senate rejects bill seeking to use gold to boost external reserves

The bill sponsored by Senator Sani Musa ( APC, Niger East) titled “ Foreign Exchange (Control and Monitoring) Bill, 2024 (SB. 353)” was thrown out after debates by lawmakers who opposed it.

Musa stated that the bill was read for the first time on Tuesday, February 20, 2024.

He noted that the bill sought to repeal the Foreign Exchange (Monitoring and Miscellaneous Provision) Act, Cap. F34, Laws of the Federation of Nigeria, 2004, and establish a Foreign Exchange Market in Nigeria, to make provisions for the control, monitoring, and supervision of transactions conducted in the Foreign Exchange Market.

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The Niger lawmaker stated that the objective of the bill sought to “ To establish a foreign exchange market.

“To provide for the regulation, monitoring, and supervision of the transactions conducted in the market and for related matters.

“To contribute to the sound development of the National Economy by striving to facilitate foreign transactions and to maintain an equilibrium of balance of International payments.”

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He added that the bill would also move to stabilise the value of the currency by ensuring the liberalisation of foreign exchange transactions; – To maintain an equilibrium of the balance of International payments, and – To stabilize the value of the currency by ensuring the liberalisation of foreign exchange transactions and other foreign transactions by revitalising market functionality.“

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