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Just in: Reps summons Cardoso, set to investigate decision to lifts FX ban on toothpick, cement and 41 items

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The House of Representatives has invited the Central Bank of Nigeria (CBN) Governor, Dr. Yemi Cardoso over the revised policy to lift the foreign exchange ban on 43 items including toothpicks and cement.

During Tuesday’s plenary session, the green chamber resolved to summon Cardoso, following the adoption of a motion of urgent public importance sponsored by Mr Sada Soli, lawmaker representing Kaita/Jibia Federal Constituency in Katsina State.

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

Soli said:”Some of the listed items listed enjoy 60-70 per cent subsidy from their countries of origin, thus putting Nigeria local products at a competitive disadvantage and without any protection.

“This will lead to job losses and social exclusion. Also worried that the benefits of cheaper imported inputs as stated by the CBN, will give undue advantage to middle men to drive the economy which is inimical to our Economic growth and not suitable to the current unified foreign exchange rate in the country.”

The Minority leader, Mr Kingsley Chinda,who represents Obio/Akpor Federal Constituency of Rivers State, urged the Committee on Regulatory Banking, to invite the CBN governor and other stakeholders to investigate the rationale behind lifting forex restrictions on 43 items and report back to the within a stipulated time for other legislative actions.

Persecondnews reports that the motion was seconded by Mr Otunba Adewunmi Onanuga (Ikenne/Sagamu/Remo North-Ogun State).

The motion was put to a voice vote by the Speaker of the House, Mr.Tajudeen Abbas, with members overwhelmingly supporting it.

 

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