The Senate has expressed surprise at a recommendation by the Nigerian Law Reform Commission for a review of the Nigerian Foreign Exchange Act in order to empower the Central Bank of Nigeria to jail people for up to two years or fine them for 20 percent of the amount of the foreign currency held in their possession for more than 30 days.
The Senate in a statement signed by its spokesperson, Senator Aliyu Sabi Abdullahi stated that with its focus on boosting investor' confidence in the nation's economy, such move as proposed by the Commission that will prevent investors from making free entry and free exit from the market will be outrightly rejected by its members.