Despite this, the CBN believes it is mostly flawed particularly in the current economic situation and seeks to amend a large portion of the act.
The CBN made its position known in a “working paper” shared to members of the CIBN and can also be found in the website of the Nigerian Law Reform Commission.
Critics, however argued that the proposed amendments is tantamount to full foreign currency controls and abrogating super powers to an “already powerful CBN”.
Here are examples of some of the proposed amendments, according to Nairametrics;
- The CBN says the act allows for “foreign currency purchased from the market to be repatriated without restrictions” and thus will like this amended.
- The CBN also believes the act “prohibits the seizure, forfeiture or expropriation of imported money by the government without providing exceptions. As such, the CBN wants to have powers to seize any foreign currency”.
- The CBN is also unhappy that the law “allows foreign currency in excess of five thousand dollars imported or exported subject to declaration of statistics reason only.”
- The CBN is also recommending that it be granted powers to restrict or prohibit the exportation of foreign currency when and where necessary to “protect the economy”.
- The CBN also wants powers to “approve and where necessary restrict or prohibit repatriation of foreign currency to save the Nigerian economy”
- The CBN also wants an amendment that allows it have the powers to “prevent monopoly and hoarding and a time limit for deposit of foreign currency in the bank”
While some aspects of the amendments are well intended, the above recommendations by the CBN does raise questions about the commitment of the CBN and indeed this government to allow for a market driven flexible exchange rate.PLACE YOUR TEXT ADVERT BELOW:>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> How I Made Me =N=2.5 MILLION In 7 Days from 2 Common Product I Imported and how you can do the same. Click HERE FOR FREE Details right now Warning To Men: This 3 Foods Is Killing Your Erection. Click Here To Know Them Secret Fruits that increased my Manhood and makes me last 55 minutes+ all time - Click here to get it Warning: Got Arthritis? 3 Simple Ways To Get Cured And Be Permanently Free From Joint Pains. Click Here To See Them REVEALED!! Reduce Your Blood Sugar Level And Reverse Diabetics Within A Short Period Of Time. Click Here To See How MIDNIGHT,Pressed Mr Kilanko Suddenly Couldn't Urinate. Shrink your Enlarged Prostrate Here! Click Here Now