Koladaisi Varsity’s Law Week

Solving Nigeria's Forex Crisis: The Legal Perspective

The topic was carefully chosen for the opening ceremony of this year's law week because the world we live in is a global village and the issue of Foreign Exchange is key to international trade and investments, the global economy and by implication each and every one of us in different climes. Mrs Aladeniyi gave insights on the Forex market, Forex crisis and the causes and the legal perspective to it. She stated that causes of Forex crisis include but are not limited to: depreciating value of #naira, insecurity, corruption and inadequate raw materials. She emphasized amongst other things that the Fed govt needs to seriously tackle insecurity and there is an urgent need for review our laws and integrate laws which regulate farmers and their undertakings while strengthening schemes to encourage farming. Mr Obasa who also spoke on the same topic described Nigeria as having a product which people are not willing to buy because they are not sure of the quality. He stated further that Nig sells oranges cheap within the country but imports different different brands of orange juice from the international community, hence the Forex crisis we have in Nigeria. He stated amongst other things that the laws and policies in place regulating business in Nigeria often pose challenges to prospective investors, that there's a need for Nigerians to upscale their skills and also that new laws to address Forex issues should be proposed.