House of Reps Summons CBN Governor, Cardoso For Lifting Forex Ban on Cement, Rice, Others

• The governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has been summoned by the House of Representatives
• Cardoso was summoned over the CBN decision to lift the forex ban on 43 items on Tuesday, October 24
• Members of the lower house argued that the decision to lift the forex ban on 43 items would weaken the nation's economy

FCT, Abuja - The House of Representatives has summoned the governor of the Central Bank of Nigeria (CBN), Yemi Cardoso over the decision to lift the forex ban on 43 items.

Cardoso had lifted restricted on items like toothpicks, cement and others from accessing forex

The lower house resolved plenary on Tuesday, October 24, TheCable reported.

A lawmaker from Katsina state, Sada Soli, who moved the motion said the CBN decision may lead to the closure of factories.

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Soli added that it will ultimately erode the nation’s capacity to build the local economy.

According to the lawmaker, the CBN decision would hurt the economy and “middlemen” may take undue advantage of the new policy.

The House rejected a motion calling for suspending the policy by Jesse Onuakalusi, a lawmaker representing Lagos's Oshodi/Isolo II federal constituency.

CBN lifts Ban on 43 restricted Items in Nigeria

Earlier, Legit.ng reported that the limitations on foreign exchange that the Central Bank of Nigeria (CBN) imposed on importers of 43 commodities eight years ago have finally been abolished.

This was contained in a statement signed by Dr. Isa AbdulMumin, the bank's director of corporate communications.

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The development follows an earlier report by Legit.ng that the CBN issued a clarification regarding foreign exchange (FX) access for importers of 43 items that were previously restricted from obtaining FX through the official window.

Farmers React to CBN Lifting Forex Ban on Rice

Farmers in northern Nigeria have praised the decision of the CBN to lift the Forex ban on the importation of rice.

The Chairman of the Kano Council of Traders and Entrepreneurs, Alhaji Hassan Yaro, told Punch that the decision is good news as it will break the monopoly of the processing and marketing of the grain by local millers.

Yaro also believes that CBN's decision will help flood the market with grain and slash rice to an affordable rate for the common man.

Cardoso promises shift From Emefiele's Policies

An earlier report by Legit.ng revealed that Cardoso has promised a policy shift in the future direction of the apex bank.

One of Cardoso's plans is to shift CBN's focus away from direct involvement in development finance initiatives, a hallmark of former Godwin Emefiele's leadership.

Source: Legit.ng