However, the Nigeria Employers Consultative Forum disagreed with the lawmakers regarding the new CBN policy, asserting that the 43 items were not banned in 2015; rather, a foreign exchange ban was imposed on them.
According to their explanation, this had put pressure on the foreign exchange market, and they believe the new CBN policy will be beneficial for the nation.
In response to the situation, the House extended an invitation to the Governor of the CBN, Yemi Cardoso. This invitation comes in light of the apex bank's decision to lift the foreign exchange ban on items such as fertilizer, cement, toothpicks, and 40 others.
Previously, it was reported that the 43 items had been restricted from accessing foreign exchange at the official market rate in 2015.
The CBN's sudden decision to lift the ban came amid high volatility levels in the foreign exchange market, which resulted from the consolidation of all trading windows into the investors and exporters' window (the official FX market) during the President Bola Tinubu administration.
It's worth noting that the CBN, in a statement by its Director of Corporate Communications, Isa AbdulMumin, emphasized the importance of referencing prevailing Foreign Exchange (FX) rates from platforms like the CBN website, FMDQ, and other recognized or appointed trading systems to promote price discovery, transparency, and credibility in FX rates.
During a plenary session on Tuesday, the House passed a resolution to summon the CBN Governor, following the adoption of a motion of urgent public importance sponsored by Soli, a member of the House representing Jibia/Kaita Federal Constituency, Katsina State, affiliated with the All Progressives Congress.
Soli justified the significance of the motion, expressing concerns that the apex bank's decision might lead to factory closures and erode the nation's capacity to build the local economy. He also raised doubts about the new policy's potential meaningful impact on the Nigerian economy, suggesting that 'middlemen' might exploit it for their own benefit.
Another lawmaker, Jesse Onuakalusi, representing Oshodi/Isolo II Federal Constituency in Lagos State, called for an immediate reversal of the policy until the House completed legislative action on the matter. However, this proposal was rejected by the lawmakers."
