Abuja — The National Economic Council (NEC) yesterday expressed concern over the exchange rate and directed the Central Bank of Nigeria (CBN) to quickly facilitate an urgent review of the current forex policy‎ in the country. Naira currently exchanges for N510 to the dollar at the parallel market, while CBN official rate remains at N305.50 to the dollar. According to the deputy governor, the decision to review the forex policy followed a submission to the council by the CBN governor, Godwin Emefiele. "The CBN governor urged Nigerians to exercise patience as the apex bank continues to take steps that will stabilise the market. Members of the NSIA are (North-East), Mrs. Halima Buba as Non-executive Director; (North West), Mr. Bello Maccido, Non-executive Director; (North Central), Lois Laraba Machunga-Disu, Non-Executive Director; (South West), Mr. Babajide Zetilin as Non-Executive Director; (South East) Mr. Urum Kalu Eze, a Non-Executive Director; and (South-South), Mr. Abue Ighodalo, legal practitioner with 10 years post-qualification experience.

Source: The North Africa Journal February 17, 2017 09:00 UTC