Politics
CBN Governor In Hot Seat: House Of Representatives Questions Forex Ban Lift
The House of Representatives has issued a summons to the Governor of the Central Bank of Nigeria, Yemi Cardoso, regarding the removal of the foreign exchange ban on 43 specific items…CONTINUE READING
Cardoso has been called to appear before the House committees responsible for Regulatory Banking, Finance, and Customs.
This decision came as a result of the approval of a motion of immediate public concern presented by Sada Soli, a legislator from Katsina State.
In his motion, Soli expressed concerns that the Central Bank’s policy would have adverse effects on the Nigerian economy, particularly affecting local producers who may find it challenging to compete with foreign brands.
Soli emphasized that the affected items are integral to Nigeria’s diversification plan, and allowing their importation would provide an unfair advantage to intermediaries.
The House subsequently approved the motion and endorsed the requests after Speaker Abbas Tajudeen called for a vote.
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