Reps summon CBN governor over new forex policy

The house of representatives has asked Yemi Cardoso, the governor of the Central Bank of Nigeria (CBN), to explain why he lifted the forex ban on 43 items that were previously restricted from accessing foreign exchange.

The items, which include rice, cement, poultry products and others, were banned in 2015 to encourage local production and save foreign reserves.

However, the CBN recently announced that importers of these items can now buy forex from the official market, where the exchange rate is lower than the black market.

This decision has sparked controversy among lawmakers, who fear that it will hurt local industries and increase inflation.

Sada Soli, a lawmaker from Katsina, raised a motion of urgent public importance on Tuesday, calling for the CBN governor to appear before the house committees on regulatory banking, finance and customs.

He said the policy would undermine the efforts to diversify the economy and create jobs for Nigerians.

He also said that some middlemen may exploit the policy to make huge profits at the expense of consumers and producers.

Some lawmakers supported the motion, while others opposed it. Jesse Onuakalusi, a lawmaker from Lagos, suggested that the CBN should reverse the policy until the house deliberates on it. However, his amendment was rejected by a voice vote.

Tajudeen Abbas, speaker of the house, ruled that the motion was adopted and directed the CBN governor and other relevant stakeholders to appear before the committees within two weeks.