CBN Governor Faces House Probe Over Forex Ban Removal

The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has been summoned by the House of Representatives over his decision to remove the forex ban on 43 items. The items include rice, cement, textiles, and other products that are locally produced in Nigeria.

Cardoso will have to explain his policy to the House committees on Regulatory Banking, Finance and Customs, who are concerned about the implications of the forex ban removal on the Nigerian economy and the local industries.

The House probe was initiated by a motion of urgent public importance moved by Sada Soli, a lawmaker from Katsina State. Soli argued that the forex ban removal will undermine the diversification plan of Nigeria and expose the local producers to unfair competition from foreign brands. He also said that the importation of the items will benefit the middlemen at the expense of the consumers and the producers.

The motion was adopted by the House and passed as a resolution after the Speaker, Abbas Tajudeen, put it to vote. The House also urged the CBN Governor to reverse his policy and reinstate the forex ban on the 43 items.

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