The House of Representatives has invited the Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, to explain the bank’s decision to lift the restriction on forex supply on 43 imported items. The Committees on Customs and Finance plan to ask the governor to explain reasons for the decision.
The decision was sequel to a unanimous adoption of a motion by Rep. Sada Soli (APC-Katsina State) at plenary on Tuesday. Some of the items include rice, cement, margarine, palm kernel, palm oil products, vegetable oils, meat and processed meat products, poultry and processed poultry products, tinned fish in sauce (Geisha)/sardine, cold rolled steel sheets, galvanized steel sheets among others.
Soli expressed concern that the decision of the bank will greatly affect local production of items such as rice, cement, and palm oil among others. The lawmaker said it will force local manufacturers to hold the short end of the stick, leading to factory closure and ultimately eroding capacity to build the country’s local economy.
The governor is expected to appear before the House committees on Regulatory Banking, Finance and Customs. The decision followed the rising food inflation in the country which has significantly impacted the economy and the purchasing power of consumers in the country.
