The House of Representatives has summoned Yemi Cardoso, the Governor of the Central Bank Nigeria (CBN) and other stakeholders to appear before it over the decision to lift the ban on 43 items restricted in 2015 from accessing forex.
The lower chamber passed the resolution to summon the CBN governor during plenary session on Tuesday following the adoption of a motion of Urgent Public Importance sponsored by Sada Soli, Lawmaker from Katsina.
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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 hardly make a meaningful 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 the concluded legislative action on the matter.
His amendment to the motion was rejected when it was put to a voice by Tajudeen Abbas, Speaker of the House.
The House therefore resolved to invite, Cardoso and other stakeholders to appear to the House Committee on Regulatory Banking, Finance and Customs to explain the rationale behind the lifting of forex restriction on the 43 items.
By implication, importers of the commodities were forced to source for FX at the black market often at higher rates.
The decision comes amid high levels of volatility experienced in the FX market following the unification of all trading windows into the investors’ and exporters’ (I&E) window — the official FX market.
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“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,” the statement issued by Isa AbdulMumin, CBN’s director of corporate communications.
