National Economic Council express concern over free fall of the Naira

ABUJA: Members of the National Economic Council, NEC on Wednesday expressed their unanimous concern over the free fall of the Naira.

According to a statement from the office of the Acting President, "After a brief presentation on Forex Policy options by the CBN Governor, Council members generally expressed concern over the current situation of the exchange rate and called for an urgent review of the current Forex Policy, especially the gap between interbank and the parallel market rates. The CBN Governor sued for patience and understanding, assuring that the situation is being closely managed."

The Minister of Budget and National Planning also assured the Council members that Federal Government has a recovery plan that will take Nigeria out of recession. He disclosed to the Council that the plan addresses, ◦Agriculture and food security, Energy sufficiency-power and petroleum availability, Improving transportation infrastructure,◦Industrialization, SMEs, and manufacturing, Stabilization of the macro-economic environment

Minister of Finance reported to the Council that the balance in Excess Crude Account (ECA) stood at USD 2,458,382,844.03 as at February 15, 2017