Reps Summon CBN Governor Over Decision Lifting FX Ban On Toothpick, Cement

The house of representatives has summoned Yemi Cardoso, governor of the Central Bank of Nigeria (CBN), over the decision to lift the forex ban on 43 items.

The 43 items listed here were restricted in 2015 from access to forex.

Importers of the commodities were forced to source for FX at the black market — often at higher rates.

The lower legislative chamber passed the resolution to summon the CBN governor during plenary on Tuesday, following the adoption of a motion of urgent public importance by Sada Soli, a lawmaker from Katsina.

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The summon comes amid high volatility in the FX market following the unification of all trading windows into the investors’ and exporters’ (I&E) window.

While moving the motion, Soli said the decision may lead to the closure of factories and ultimately erode the nation’s capacity to build the country’s local economy.

He said the decision would have a negative impact on the Nigerian economy and “middlemen” may take undue advantage of the new policy.

Contributing to the motion, Jesse Onuakalusi, a lawmaker who represents Oshodi/Isolo II federal constituency of Lagos, proposed that the CBN should reverse the policy until legislative action on the matter is concluded.

His amendment to the motion was rejected when it was put to a voice vote by Tajudeen Abbas, speaker of the house.

Cardoso and other stakeholders are to appear before the house committees on regulatory banking, finance and customs.