shippingposition
  • Home
  • News
  • Editorial
    • Vox Pop
  • Maritime safety
  • Oil and Gas
  • Personality
  • Health
No Result
View All Result
shippingposition

Home » Reps Invite CBN Governor Over Plans To Lift Forex Restriction On 43 Items

Reps Invite CBN Governor Over Plans To Lift Forex Restriction On 43 Items

by Joshua
October 25, 2023
in Featured, News

The House of Representatives has resolved to invite the Governor of the Central Bank of Nigeria (CBN) over the bank’s decision to lift the restriction on forex supply on 43 imported items.

The decision was sequel to a unanimous adoption of a motion by Rep. Sada Soli (APC-Katsina state) at plenary on Tuesday.

Some of the items include rice, cement, margarine, palm kernel, palm oil products, vegetable oils, meat and processed meat products, poultry and processed poultry products, tinned fish in sauce (Geisha)/sardine, cold rolled steel sheets, galvanized steel sheets among others.

Moving the motion, Soli recalled that the CBN imposed the restrictions in June 2015 to conserve the foreign exchange reserves and promote local production of certain goods, including about 11 food items.

He recalled that  on Oct. 12, the apex bank announced, among other issues, the lift on FOREX restrictions hitherto placed on 43 items.

According to him, some of the items have tariffs to protect local industries, as they are part of the imports prohibition list.

Soli expressed concern that the decision of the bank will greatly affect local production of items such as rice, cement, and palm oil among others.

The lawmaker said that it will force local manufacturers to hold the short end of the stick, leading to factory closure and ultimately eroding capacity to build the country’s local economy.

“Almost all the 43 items are from two critical sectors which have been identified by all policy documents from NEEDS, SEEDS to Vision 2022 as being areas that are critical to economic diversification.

“Worried that some of the listed items enjoy 60 to 70 per cent subsidy from their countries of origin, thus putting Nigeria’s local products at a comparative disadvantage and without any protection, and will lead to job losses and social exclusion;

“Also worried that the benefit of the cheaper imported inputs as stated by the CBN will give undue advantage to middlemen to drive the economy, which is inimical to our economic growth and not suitable to the current unified FOREX market in the country.

“Further worried that Nigeria will not be competitive in the African Continental Free Trade Area if our markets are flooded with imported finished goods.

“The decision followed the rising food inflation in the country which has significantly impacted the economy and the purchasing power of consumers in the country,” he said.

Soli said that lifting of the FOREX restriction on the importation of 43 items may not have meaningful impact on the rising food inflation as a result of soaring exchange rate.

In his ruling, the Speaker of the House, Rep. Tajudeen Abbas pursuant to Section 8 (4) (a) (b) and Section 5 (b) of the CBN Act, 2007 said that the CBN governor should be invited.

He mandated the Committees on Customs and Finance to interface with the governor to explain reasons for the decision.

 


Tags: 43 ItemsCBN Forex BanCBN GovernorReps

Related Posts

Aliko Dangote Submits Paperwork To Build Nigeria’s Largest Seaport In Ogun

Nigeria Ramps Up Campaign for IMO Category C Seat, Showcases Maritime, Aviation Potential on Global Stage

July 15, 2025
WCO Chairmanship: Afam Chukwuma Hails Adeniyi’s Appointment as Major Boost for Nigeria’s Customs and Economy

WCO Chairmanship: Afam Chukwuma Hails Adeniyi’s Appointment as Major Boost for Nigeria’s Customs and Economy

July 15, 2025
Aliko Dangote Submits Paperwork To Build Nigeria’s Largest Seaport In Ogun

Aliko Dangote Submits Paperwork To Build Nigeria’s Largest Seaport In Ogun

July 15, 2025
Aliko Dangote Submits Paperwork To Build Nigeria’s Largest Seaport In Ogun

Nigeria Customs Boss Extols Late Buhari’s Legacy Of Discipline

July 15, 2025

Latest News

Aliko Dangote Submits Paperwork To Build Nigeria’s Largest Seaport In Ogun

Nigeria Ramps Up Campaign for IMO Category C Seat, Showcases Maritime, Aviation Potential on Global Stage

July 15, 2025

WCO Chairmanship: Afam Chukwuma Hails Adeniyi’s Appointment as Major Boost for Nigeria’s Customs and Economy

Aliko Dangote Submits Paperwork To Build Nigeria’s Largest Seaport In Ogun

Nigeria Customs Boss Extols Late Buhari’s Legacy Of Discipline

Vessels Expected At Lagos Ports As At 14th July, 2025

Duty-Free, But Not Trouble-Free: Mixed Reactions Trail UK’s Trade Window For Nigerian Exports

At Last, Lekki-Epe Corridor Stakeholders Agree On August 1st Enforcement Date For E-Call-Up 

Nigeria Losing Billions To Boat Importation As Indigenous Operators Urge Local Shipbuilding Drive

Court Ruling Against CRFFN’s Regulatory Powers Tears Customs Brokers Apart   

Oyetola Reaffirms Commitment to Logistics Reform, Commissions Zenith Carex HQ

Let the Council for the Regulation of Freight Forwarding in Nigeria Breathe

MONDAY INTERVIEW: “70% of the crew of Ocean Dragon are Nigerians”— Mrs Bernadine Eloka 

kindly like our Facebook page

Health

The Usefulness Of Watermelon Seeds You May Not Know
Health

The Usefulness Of Watermelon Seeds You May Not Know

July 14, 2025

Watermelon is one fruit that’s hard to resist when it gets too hot. It’s sweet and is high in water...

KNOW YOUR BODY PARTS: THE HEART

KNOW YOUR BODY PARTS: THE HEART

June 30, 2025
Why Your Favourite Seasoning Cubes May Be Hurting Your Kidneys

Why Your Favourite Seasoning Cubes May Be Hurting Your Kidneys

June 30, 2025
Contraceptive Pills Can’t Cause Cervical Cancer – Expert

Contraceptive Pills Can’t Cause Cervical Cancer – Expert

June 30, 2025
ONIONS: The Good Old Healing Vegetable

KNOW YOUR BODY PARTS: The Liver

June 16, 2025
ONIONS: The Good Old Healing Vegetable

ONIONS: The Good Old Healing Vegetable

June 16, 2025
Why Prostate Disorder Cases Are Increasing Among Nigerian Men – Experts

Why Prostate Disorder Cases Are Increasing Among Nigerian Men – Experts

June 1, 2025
20m Nigerians Live With Mental Health Issues, Says WHO

20m Nigerians Live With Mental Health Issues, Says WHO

June 1, 2025
Health Facts You Didn’t Know

How Your Habit Affects Fertility

May 19, 2025
Fruits For Raining Season

Fruits For Raining Season

May 19, 2025

© 2021 Shippingposition

Navigate Site

  • Home
  • About Us
  • Contact us
  • Privacy Policy
  • Sitemap
  • Terms

Follow Us

No Result
View All Result
  • News
  • Coast To Coast
  • Oil and Gas
  • Maritime Education
  • The Terminals
  • Maritime safety

© 2021 Shippingposition