The Nigerian Senate has thrown out a bill that seeks to repeal the provision of monitoring and miscellaneous in the Foreign Exchange Act to Establish a Foreign Exchange Market in Nigeria .
The Foreign Exchange Control and Monitoring Bill sponsored by Niger East Senator SANI MUSA , failed to scale second Reading after a debate by lawmakers outlined the implications of this piece of legislation .
In his lead debate, Senator SANI MUSA outlined the potential benefits and impact of the Foreign Exchange control and monitoring bill in establishing the Foreign Exchange Market .
He said the bill seeks to establish a foreign exchange market to make provisions for the control , monitoring and supervision of transactions in the Foreign Exchange Market .
But despite the promising potentials of the bill , other Senators expressed their reservations, with fears that this will create a shock in the foreign exchange market, and jeopardise the benefits it seeks to achieve.
After much opposition from the lawmaker, Senator Sani Musa was given the option to step down the bill for further consultations but he insisted that it be put to a voice vote.
After the voice vote, the Nays had it and the bill was struck out .
