By JUMI RHODES




International Monetary Fund(IMF) boss Christine Lagarde has told Nigerian lawmakers that the organization, which ensures the stability of the international monetary system, does not support foreign exchange restrictions, a policy measure the Central Bank of Nigeria(CBN) had taken after prices for Nigeria's oil exports collapsed. President Muhammadu Buhari had backed the central bank measures to restrict access to foreign exchange.





Addressing senior politicians during a four-day visit, Lagarde said: "Additional exchange rate flexibility, either up or down, can help soften the impact of external shocks, make output and employment less volatile, and help build external reserves. It can also help avoid the need for costly foreign exchange restrictions, which we don't really support, and if they exist they should remain temporary by nature." In a related development, Senate president Senator Bukola Saraki has assured that the National Assembly will look into the foreign exchange restrictions. In his words, "After series of engagements with SME owners who are affected by the current CBN policy on Forex. The Senate has advised CBN to review."





http://dawntodusknews.com/imf-doesnt-support-foreign-exchange-restrictions-lagarde-to-nigerian-lawmakers/

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