Index to Nigerian Newspapers

The Nigerian Senate has expressed surprise at a recommendation by the Nigerian Law Reform Commission for a review of the Nigerian Foreign Exchange Act, which would make people possessing foreign currencies for more than 30 days face jail time or a 20% fine. The Senate argues that such a move would hinder investors' access to the market and undermine reform efforts aimed at boosting investor confidence. The CBN, however, denies any involvement in the proposed legislation and denies any knowledge of the proposed clause recommending a jail term or fine for foreign exchange holder for over 30 days. The CBN has not proposed any bill to arrest and jail persons holding foreign exchange for more than 30 days.