CBN Governor, Cardoso summoned over lifting forex ban on toothpicks, others

The House of Representatives has taken action by summoning Central Bank of Nigeria (CBN) Governor Yemi Cardoso to provide clarification regarding the recent decision to lift the forex ban on 43 previously restricted items.

This decision was reached during a plenary session on Tuesday, following the presentation of a motion of urgent public importance by Sada Soli, a respected lawmaker from Katsina.

The 43 items in question, which had been prohibited from accessing foreign exchange since 2015, encompassed a range of goods, including staples like rice, poultry products, eggs, beef, as well as seemingly minor items like toothpicks and pencils.

The move to lift these restrictions was recently announced by the new CBN governor, marking a significant shift in the nation’s foreign exchange policies.

The House of Representatives is seeking further insights and justifications for this policy alteration through the scheduled appearance of Governor Yemi Cardoso.

This development is expected to stimulate discussions and scrutiny regarding the economic implications and reasoning behind this decision.