Nigeria: Senate Express Concern Over Exchange Rate

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deputy-senate-president-ike-ekweremadu
Deputy Senate President, Ike Ekweremadu

THE Senate, on Tuesday, expressed concern over the gap between the interbank and parallel market exchange rate asking the Central Bank of Nigeria (CBN) to put in place measures to close the gap.

Speaking during a review of the budget on, the senators described the exchange rate differential damaging to the economy adding that it has led to a loss of investor confidence.

“We are worried by the huge gap. The central bank needs to do something about it and stabilize the currency. We must find a way of bridging the gap and restore investor confidence,” said Deputy Senate President, Ike Ekweremadu.

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