Reps invite CBN Governor for lifting forex ban on toothpicks, others 

Reps invite CBN Governor for lifting forex ban on toothpicks, others 


The House of Representatives has invited the Governor of Central Bank of Nigeria (CBN), Yemi Cardoso, to appear before it following the apex bank’s decision to lift the foreign exchange ban on importation of toothpicks, fertiliser, cement and 40 other items.

The 43 items were in 2015 restricted from accessing forex at the official market rate.

At the plenary session on Tuesday, the lower legislative chamber passed a resolution to summon the CBN governor following the adoption of a motion of urgent public importance sponsored by Sada Soli, a member of the House representing Jibia/Kaita Federal Constituency, Katsina State on the platform of the All Progressives Congress.

Justifying the significance of the motion, Soli said the decision of the apex bank may lead to the closure of factories and ultimately erode the nation’s capacity to build the local economy.

He argued that it is doubtful if the new policy would make any meaningful impact on the Nigerian economy, stressing that “middlemen” may take undue advantage of it for their own good.

Contributing to the motion, a lawmaker representing Oshodi/Isolo II Federal Constituency, Lagos State, Jesse Onuakalusi, called for the immediate reversal of the policy until the House concludes a legislative action on the matter; a prayer that was rejected by the lawmakers.

An amendment to the motion by Kingsley Chinda, representing Obio/Akpor Federal Constituency, Rivers State noted that the Cardoso should appear before the House Committee on Regulatory Banking, Finance and Customs to explain the rationale behind the lifting of the ban was thereafter adopted.

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