Politics
Shehu Sani Criticizes CBN’s Decision To Remove Forex Restrictions On Rice, Cement, And Other Items As ‘Disastrous
In a social media post shared on Friday through his X (formerly Twitter) account, Sani expressed his views, stating that the Central Bank’s decision is a detrimental economic strategy that will exacerbate the country’s economic challenges…CONTINUE READING....KINDLY READ THE FULL STORY HERE▶
The former lawmaker emphasized that the nation’s limited foreign exchange reserves should be directed towards supporting domestic production rather than importing items.
Sani urged the new CBN Governor, Olayemi Cardozo, to explore more effective methods for addressing the country’s economic situation.
He stated: “The decision to lift the ban on the importation of toothpicks, cement, and other agricultural products that we can produce domestically is a misguided economic strategy. Our nation’s scarce foreign exchange should be used to bolster local production rather than imports. The new CBN Boss should consider alternative approaches.”
It’s worth noting that the Central Bank of Nigeria, in a significant monetary policy shift, has lifted the ban on 43 items that were previously restricted from accessing foreign exchange since June 2015. This list includes various products such as rice, cement, toothpicks, and other goods.
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