A member of the House of Representatives, Sada Soli, on Tuesday warned that the lifting of the ban on foreign exchange for 43 items by the Central Bank of Nigeria may ruin local economy
This is just as the House invited the Governor of the Central Bank of Nigeria, Yemi Cardoso, to appear before it following the apex bank’s decision to lift the foreign exchange ban on fertiliser, cement, toothpick, and 40 other items.
The 43 items were in 2015 restricted from accessing forex at the official market rate.
CBN’s sudden decision to lift the ban comes against the backdrop of high volatility levels experienced in the foreign exchange market owing to the unification of all trading windows into the investors’ and exporters’ window (the official FX market) by President Bola Tinubu’s administration.
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At a plenary session on Tuesday, the Green Chamber passed a resolution to summon the CBN governor following the adoption of a motion of urgent public importance sponsored by Sada Soli, a member of the House representing Jibia/Kaita Federal Constituency, Katsina State on the platform of the All Progressives Congress.
Justifying the significance of the motion, Soli said the decision of the apex bank may lead to the closure of factories and ultimately erode the nation’s capacity to build the local economy.
