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House of Representatives summon Central Bank of Nigeria (CBN) gov over decision lifting FX ban on toothpick, cement, 41 others



Yemi Cardoso, governor of the Central Bank of Nigeria (CBN), has been called before the House of Representatives in relation to the decision to ease the FX embargo on 43 products.....PROCEED.FULL.READING>>>

Access to the 43 items on this list was prohibited in 2015.

After Sada Soli, a Katsina MP, adopted a motion of urgent public interest, the lower legislative chamber adopted a resolution calling the CBN governor to appear in plenary on Tuesday.

Importers of the commodities were forced to source for FX at the black market — often at higher rates.

The summon comes amid high volatility in the FX market following the unification of all trading windows into the investors’ and exporters’ (I&E) window.

While moving the motion, Soli said the decision may lead to the closure of factories and ultimately erode the nation’s capacity to build the country’s local economy.

He said the decision would leave a negative impact on the Nigerian economy and “middlemen” may take undue advantage of the new policy.


Contributing to the motion, Jesse Onuakalusi, a lawmaker who represents Oshodi/Isolo II federal constituency of Lagos, proposed that the CBN should reverse the policy until legislative action on the matter is concluded.

His amendment to the motion was rejected when it was put to a voice vote by Tajudeen Abbas, speaker of the house.

Cardoso and other stakeholders are to appear before the house committees on regulatory banking, finance and customs..….CONTINUE.FULL.READING>>>

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