Reps summon CBN governor for lifting ban on 43 items

The House of Representatives on Tuesday summoned the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, over the apex bank’s decision to lift the ban on 43 items.

This followed the adoption of a motion of urgent public importance sponsored by the lawmaker representing Jibia/Kaita Federal Constituency of Katsina State, Sada Soli, at the plenary in Abuja.

The CBN on October 12 lifted the ban placed on 43 items in 2015.

The items include rice, cement, margarine, palm kernel, palm oil products, vegetable oils, meat and other processed products.

Soli, who led the debate on the motion, warned that the decision might ruin the economy if not effectively handled.

READ ALSO: Senate confirms Cardoso as CBN governor

He expressed fear that the action would lead to the closure of factories and ultimately erode the country’s capacity to build the economy.

In his contribution, the lawmaker representing Oshodi/Isolo II Federal Constituency in Lagos State, Jesse Onuakalusi, demanded the immediate reversal of the policy until the House concludes a legislative action on the matter.

The House, thereafter, directed Cardoso to appear before its Committee on Regulatory Banking, Finance, and Customs to explain the rationale behind the lifting of the ban.

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