Lawmakers call upon Central Bank Governor for inquiry regarding the removal of foreign exchange restrictions on 43 items

The House of Representatives has called upon Yemi Cardoso, the Governor of the Central Bank of Nigeria, to provide insight into the lifting of the forex ban on 43 items. Cardoso is slated to make an appearance before the House committees on Regulatory Banking, Finance, and Customs.

This decision came about following the endorsement of a motion of urgent public significance initiated by Sada Soli, a legislator hailing from Katsina State. In his motion, Soli expressed concerns that the CBN’s policy could have adverse repercussions for Nigeria’s economy, particularly affecting local producers who may find it challenging to compete with foreign brands.

Soli emphasized that the items in question hold pivotal importance in Nigeria’s diversification strategy. He argued that the importation of these items could confer undue advantages upon intermediaries.

Subsequently, the House embraced the motion and approved the recommendations after a vote presided over by the Speaker, Abbas Tajudeen.