President Bola Ahmed Tinubu has officially inaugurated the first National Economic Council of his administration, coinciding with the Central Bank of Nigeria’s announcement of the unification of the forex market, consolidating all segments into a single window.
The National Economic Council, comprising 36 state governors, the CBN governor, and other officials, aims to promote collaboration among governments at all levels. The council is chaired by the Vice-President.
A statement released by the National media titled “President Bola Tinubu Inaugurates National Economic Council, Calls For Collaboration Amongst Governments At All Levels” highlights the significance of the event. Further details of the inauguration, held at the Aso Villa, are expected to be revealed through media coverage.
In a press release dated 14 June 2023, signed by the CBN’s Director of Financial Markets, Angela Sere-Ejembi, Ph.D., significant changes in the foreign exchange (FX) market were announced. These include the abolition of segmentation within the FX market, with all transactions now being conducted through the Investors and Exporters (I&E) window, where the exchange rate will be determined by market forces. However, applications for medicals, school fees, BTA/PTA, and SMEs will continue to be processed through deposit money banks.
President Bola Tinubu acknowledged the daunting task of revitalizing the economy before his administration. Nevertheless, he emphasized that there would be no excuses for not delivering, as they sought the job and even appealed to Nigerians for their support. He urged the members of the Council to give their best efforts, highlighting the eager anticipation of Nigerians for the delivery of democratic dividends.
The notable attendees at the inauguration included Governor Abdulrahman Abdulrazaq of Kwara, Governor Ademola Adeleke of Osun, Governor Yahaya Bello of Kogi, Governor Biodun Oyebanji of Ekiti, and Governor Abdullahi Sule of Nasarawa. Other attendees included Umo Eno of Akwa Ibom, Peter Mbah of Enugu, Bassey Otu of Cross River, Caleb Muftwang of Plateau, Nasir Idris of Kebbi, Aliyu Radda of Katsina, and Hycinth Alia of Benue. Prominent government officials like the Secretary to the Government of the Federation, George Akume, Chief of Staff, Femi Gbajabiamila, and the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, were also present.
The event was graced by the acting Accountant General of the Federation, Oluwatoyin Madein, the Acting Governor of the Central Bank, Folashodun Shonubi, as well as Permanent Secretaries from the Budget and National Planning, Federal Capital Territory Administration, and State House departments.
