Shehu Sani’s Critique
Former Kaduna Central Senator, Shehu Sani, has voiced his disapproval of the Central Bank of Nigeria (CBN)’s recent decision to lift the ban on 43 items from accessing foreign exchange.
In a post made on his social media account, Sani expressed concerns about the potential consequences of this decision.
Disastrous Economic Strategy
Sani characterized the apex bank’s move as a “disastrous economic strategy” that could exacerbate the economic challenges facing the country.
He emphasized the importance of using the nation’s limited foreign exchange reserves to support local production instead of allowing imports of items that can be produced domestically.
Support for Local Production
The former lawmaker urged the new CBN Governor, Olayemi Cardozo, to explore alternative approaches to address the economic situation in Nigeria.
Sani’s perspective highlights the significance of supporting local industries and businesses to enhance economic self-sufficiency.
Recalling the CBN Decision
The CBN’s decision to lift the ban on the 43 items represents a notable shift in monetary policy. These items had been prohibited from accessing foreign exchange since June 2015.
The decision to remove the ban has stirred significant debate and concern.
The List of Affected Items
Among the items affected by the ban were essentials like rice and cement, as well as products such as toothpicks, margarine, and various agricultural goods.
The CBN justified this policy change as a means to maintain foreign exchange market stability and derive maximum benefits from imported goods and services.
CBN’s Rationale
The Central Bank, as outlined in a statement signed by its Director of Corporate Communications, Isa AbdulMumin, emphasized that the decision aims to ensure stability in the foreign exchange market while optimizing the benefits derived from imported products.
This policy shift is expected to have far-reaching implications on the country’s economic landscape.
Share on Facebook «||»
Share on Twitter «||»
Share on Reddit «||»
Share on LinkedIn
Read Related News On TDPel Media
Advertisement
Senator Shehu Sani Applauds George Akume’s Appointment as SGF, Praises President Tinubu’s Decision: …By Lola Smith for TDPel Media. Former lawmaker Senator Shehu Sani has shared his thoughts on the appointment of George Akume as the Secretary to...
Senator Shehu Sani Criticizes Protesters’ Actions at EU Office, Calls for Reflection on Electoral System: …By Lola Smith for TDPel Media. Former Kaduna Central lawmaker, Senator Shehu Sani, has strongly criticized the protesters who gathered at the EU office in...
Former Senator Shehu Sani Comments on US Delegation Attending Bola Tinubu’s Swearing-In Ceremony in Nigeria: …By Enitan Thompson for TDPel Media. Former Kaduna Central Senator, Shehu Sani, expressed his thoughts on the announcement of the United States Presidential delegation attending...
Former Senator Shehu Sani Deems Proposal of N200,000 Minimum Wage Unrealistic: …By Dorcas Funmi for TDPel Media. Former Senator Shehu Sani has shared his thoughts on the Trade Union Congress (TUC) proposition to increase the National...
Former Senator Shehu Sani Accuses Oil Marketers of Greed and Blackmail: Read More On The Topic On TDPel Media Share on Facebook «||» Share on Twitter «||» Share on Reddit «||» Share on LinkedIn Read Related...
Former Nigerian Senator Shehu Sani Raises Questions on Nigeria’s Border Policy as President Tinubu Becomes ECOWAS Chairman: Advertisement Read More On The Topic On TDPel Media Advertisement Share on Facebook «||» Share on Twitter «||» Share on Reddit «||» Share on LinkedIn...
Former Senator Shehu Sani Urges UN Response to Minister’s Accusation: Former Senator Shehu Sani Urges UN Response to Minister’s Accusation Former Kaduna Central Senator, Shehu Sani, has called on the United Nations (UN) and its...
Former Senator Shehu Sani Applauds Tinubu’s Swift Action in Suspending Minister and NSIPA CEO, Contrasts with Buhari’s Leadership Approach: Contrast in Leadership Approaches In an interview with Trust Radio, Sani, formerly a member of the All Progressives Congress (APC), emphasized that calls for Edu’s...
Unbelievable See What Senator Shehu Sani Said About Northern Traditional Rulers’ Meetings In Abuja: Senator Shehu Sani, a former Nigerian legislator, claims that while many Northern traditional rulers have been victims of kidnapping and terrorist attacks, some of them...
Senator Shehu Sani Challenges President Tinubu to Reveal Country’s Status and Handover Details: …By Dorcas Funmi for TDPel Media. Former Kaduna Central lawmaker, Senator Shehu Sani, has called on President Bola Tinubu to disclose the current state of...
