VIDEO: Naira free fall: NEC demands urgent review of forex policy

THE National Economic Council (NEC) has told the Central Bank of Nigeria (CBN) to urgently review the country’s Foreign Exchange  (FOREX) policy to stem the dwindling value of the Naira.

The Council made the demand at its meeting presided over by acting President Yemi Osinbajo at the Presidential Villa, Abuja on Thursday.

Briefing State House corespondents on the outcome of the meeting, Minister of Finance, Kemi Adeosun, said the NEC’s position followed a briefing provided to the Council by CBN governor, Godwin Emefiele.

The minister revealed that the apex bank’s chief pleaded for patience as he assured that something was being done.

She said: “After 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 current Forex Policy, especially the gap between interbank and the parallel market rates.

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