The Nation Newspaper Reps invite CBN governor over removal of forex restrictions on 43 items
The House of Representatives on Tuesday, October 24, asked its committees on finance as well as Customs and Excise to investigate the recent lifting of the forex ban on some items by the Central Bank of Nigeria who argued that the decision of the apex Bank would greatly affect local industries.
The lawmaker recalled that the CBN imposed the restrictions in June 2015 to conserve the foreign exchange reserves and promote local production of certain goods, including about 11 food items. He argued that the decision of the CBN will greatly affect local production of items such as rice, cement, and palm oil among others, as it will force local manufacturers to hold the short end of the stick, invariably leading to factory closure and ultimately eroding our capacity to build the country’s local economy.
He said with the new directive by the CBN, Nigeria will not be competitive in the African Continental Free Trade Area if Our markets are flooded with imported finished goods.
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