Reps Invite CBN Governor For Lifting Forex Ban On Toothpicks, Others

The lifting of the ban on foreign exchange for 43 items by the Central Bank of Nigeria (CBN) may destroy local economy, a member of the House of Representatives, Sada Soli, warned on Tuesday on the floor of the House of Representatives.

This is as the House invited the Governor of the Central Bank of Nigeria, Yemi Cardoso, to appear before it after the apex bank’s decision to lift the foreign exchange ban on fertiliser, cement, toothpick, and 40 other items.

CBN’s sudden decision to lift the ban comes against the backdrop of high volatility levels experienced in the foreign exchange market owing to the unification of all trading windows into the investors’ and exporters’ window (the official FX market) by President Bola Tinubu’s administration.

The apex bank had in a statement issued said, “The CBN reiterates that the prevailing Foreign Exchange (FX) rates should be referenced from platforms such as the CBN website, FMDQ, and other recognised or appointed trading systems to promote price discovery, transparency, and credibility in the FX rates.”

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