UNDERSTANDING THE OFFICIAL FOREIGN EXCHANGE (FX) WINDOWS IN NIGERIA
The Foreign Exchange market is regulated by the Central Bank of Nigeria (CBN) by virtue of the Foreign Exchange Act and the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act. The Apex Bank is also responsible for implementation of the Exchange Rate Policy
The 2020 Appropriation Bill, “budget of sustainable growth and job creation”, was presented by the President to the National Assembly on the 9th of October 2019 along with the draft Finance Bill (which has now been passed into law as Finance Act) which is intended to effect crucial changes to the existing fiscal laws that will enable the Federal Government increase its revenue generation capacity. The Appropriation Bill was signed into law by the National Assembly on the 5th December 2019 and assented by the President on the 17th December 2019….