Reps summon CBN governor on easing FX ban on 43 products

By Hannah Nathan, Warri

Yemi Cardoso, the governor of the Central Bank of Nigeria, CBN, has been asked to appear before the House of Representatives in relation to the removal of the FX embargo on 43 products.

Cardoso would testify before the House regulatory banking, finance, and customs committees.

This is sequel to a resolution of urgent public interest made by Katsina State lawmaker Sada Soli was adopted.

In his motion, Soli said that the CBN’s stance would have a detrimental effect on Nigeria’s economy, particularly on indigenous producers who would find it difficult to compete with foreign products.

The products in question, according to Soli, are essential to Nigeria’s diversification strategy.

He said, “the importation of the goods will provide middlemen an unfair advantage”.