Former Senator Shehu Sani Criticizes CBN's Decision to Lift Forex Ban on 43 Items

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.