Connect with us


We’ll reject FG’s proposed forex punishment –Senate


Senate has vowed to oppose a recommendation by the Nigerian Law Reform Commission (NLRC) to jail, for two years, hoarders of foreign currency, especially American dollars.
The Federal Government is seeking a review of the Nigerian Foreign Exchange Act, to empower the Central Bank of Nigeria (CBN) to jail people for up to two years  or fine them 20 per cent of the amount of foreign currency held in their possession for more than 30 days.
A draft was published on NLRC’s website.
In its reaction, yesterday, Senate, through its spokesman, Sabi Abdullahi, said in a statement, yesterday, that, with focus on boosting investors’ confidence in the nation’s economy,  the move proposed by the NLRC will prevent investors from making  free entry and exit from the market.
“The measure is disruptive and counter-productive, threatening to undermine many reform efforts already underway in the Legislature and by federal government ministries intended to boost investor confidence.
“Senate will never pass such punitive and regressive proposal. Overall, some of the Commission’s recommendation have many sound attributes and could help Nigeria’s investment climate.
“We believe the CBN should have the authority to regulate the foreign exchange market and determine the exchange rate policy, as already enshrined in its enabling Act.
”A market-oriented exchange rate policy is the best recipe for guiding operations of the foreign exchange market.
“This will ensure supremacy of market mechanisms in efficiently allocating the scarce forex resources. We will continue to work with the Executive to halt the worsening recession and return to economic growth,” he further stated.
The proposed changes are said to be intended to help control capital flows and prevent foreign exchange from being taken out of the country.
Pproposed rules changes posted on the Commission’s website, stated that “the amendments are necessary for effective monitoring and control, and to ensure probity in foreign-exchange transactions in Nigeria.”In September, Senate championed an economic agenda to pass key reform legislations to promote economic growth through greater public sector participation, boost investor confidence and create jobs
Similarly, in June, the CBN was cheered for loosening its control over exchange rate policy in a bid to encourage investors to return to Nigeria and prevent capital flight.
Hopes were high after government allowed the naira to float, as was recommended by domestic and international investment advisors.   At the moment, however, the markets do not reflect a loosening of CBN control over the foreign exchange market, leading to the emergence of multiple exchange rates.
of the NLRC showed t government is seeking to amend Nigeria’s foreign exchange act.
According to the draft, the central bank will gain more power to control in and out flow of foreign currencies, especially the dollar in the wake of a foreign currency crisis. It also proposes up to two years jail term or a fine of up to 20 percent of the amount being held for up to 30 days.
The draft says the measure is “for effective monitoring and control, and to ensure probity in foreign exchange transactions in Nigeria,” as existing law on foreign exchange is is currently “narrow in scope”.
There has been a major clamp down on dealers of forex in the black market.
Last week, officials of Department of State Security (DSS) arrested hawkers of foreign currency in Kano and Anambra.

Continue Reading
Click to comment

Leave a Reply


12-year-old boy kills landlady as condition to be initiated into a cult

Ethiope East Local

A 12-year-old boy, who allegedly robbed and killed his landlady at Abraka, Ethiope East Local Government Area, Delta State, yesterday, was among those paraded for various offences by the state Police Command, yesterday.


The state Commissioner of Police, Mr. Zanna Mohammed, who briefed reporters on the arrest of over 60 kidnappers, robbers, murderers, cultists and ritualists in the last three weeks, said the teenager confessed that he committed the act because a cult group told him that one of the conditions for initiation was that he must have been involved in a criminal act.

Continue Reading


Super Falcons striker, Asisat Oshoala, comes to Falz defence with regards to statement about glorifying fraudsters

Asisat Oshoala

Nigerian professional footballer, Asisat Oshoala, who plays as a forward in the Chinese Women’s Super league for Dalian Quanjian F.C., took to her Instagram to express deep concern about how people are now proud to be fraudsters.



In Falz’ defense, she insisted fraudsters shouldn’t be glorified.

Continue Reading


Zimbabwean Church leader in s*x scandal as photos naked photos and sex acts with 33 girls is exposed

Church leader
A Zimbabwean church leader, Nyasha Light Nyatsungo is enmeshed in a sex scandal and might also be facing legal action, after his ex-girlfriend flooded social media with his nude photo.
It was gathered that the Nyatsungo allegedly sent a nude picture of his Cape Town based ex–side chick, Shingi Mavenge, to his other girlfriend only identified as Beula who later broadcasted it on social media.
According to H-Metro, in an apparent fit of rage, Mavenge posted a WhatsApp chat she had with Nyatsungo’s wife identified as Nyasha Nhahumbi as well as a group chat with some of her former lover’s concubines.
According to Mavenge, she has gotten information that Nyatsungo has at least 33 girlfriends and has ditched his wife of eight years.
She adds that Nyatsungo bedded a girl who was their neighbour as well.
Mavenge said that the church leader’s wife revealed that they even consulted their local pastor in Mutare who failed in his attempts to mend Nyatsungo’s ways.
According to H-Metro, Nyatsungo, a married father of two, has denied ever circulating the picture, labelling Mavenge as a bitter woman whom he just flirted with on Facebook and nothing more.
“This Nyasha guy must be stopped in his tracks. He is going to pay for all the damage that he has done to me. He was the only one who had that leaked picture and I am shocked why he would forward it to some other girl,” fumed Mavhenge who is working on taking legal action.
“I started dating this guy in 2015 and never knew he was married. He lied.”  fumed Mavenge yesterday.
“That guy is full of lies and at some point, we opened a group chat with his wife and some of his girlfriends. He normally targets single mothers” added Mavenge.
H-Metro was furnished with six other cellphone numbers of his girlfriend that include Fadzai, Mutsa, Essy, Juliana, Barbra among others. Mutsa confirmed she once had a relationship with Nyatsungo have since terminated it since she discovered he was married.
Mavenge confirmed they met once in Johannesburg when she had to fly from Cape Town to meet her man sometime in April.
“That night he didn’t even have money. I had to pay the R800 for the accommodation as he had no money. He wanted to have sex with me but I flatly refused. He even wanted it without protection and I said No. he looked terrible with clothes in a plastic shopping bag. I want to write a letter to Pastor Rex who is the head of (the church) in Harare so that this guy be stopped with his tricks and lies,” added Mavenge.
When contacted over the phone in Mutare Nyatsungo confirmed he knew Mavenge but never had a relationship with her.
“I know her and we once flirted on Facebook. We never had a relationship as she is alleging. I don’t know why she is bitter. I haven’t seen the nude pictures she is talking about but I heard about it from Beula. We live in a democratic country. She can go ahead and sue me if she feels her rights have been infringed upon. All the allegations she is making are false and I don’t know her motive in trying to tarnish my image,” said Nyatsungo.
He said he was still with his wife whose phone rang without response yesterday afternoon. Despite his denials, H-metro was furnished with pictures of Nyatsungo and Mavenge, the time they met in April.

Continue Reading