The House of Representatives has summoned the Governor of the Central Bank of Nigeria, CBN, Yemi Cardoso over the lifting of the forex ban on 43 items. Cardoso is to appear before the House committees on Regulatory Banking, Finance and Customs.
This decision followed the adoption of a motion of urgent public importance moved by Sada Soli, a lawmaker from Katsina State.
In his motion, Soli said the policy of the CBN is going to have negative impacts on Nigeria’s economy, specifically on local producers who will struggle to compete against foreign brands. Soli said the concerned items are critical to the diversification plan of Nigeria. “The importation of the items will give undue advantage to the middlemen,” Soli said. The House consequently adopted the motion and passed the prayers after the Speaker, Abbas Tajudeen, put the motion to vote.
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