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Reps invite CBN gov for lifting forex ban on toothpicks, others
The lifting of the ban on foreign exchange for 43 items by the Central Bank of Nigeria may ruin local economy, a member of the House of Representatives, Sada Soli, warned on Tuesday on the floor of the House of Representatives.
This is just as the House invited the Governor of the Central Bank of Nigeria, Yemi Cardoso, to appear before it following the apex bank’s decision to lift the foreign exchange ban on fertiliser, cement, toothpick, and 40 other items.
The 43 items were in 2015 restricted from accessing forex at the official market rate.
CBN’s sudden decision to lift the ban comes against the backdrop of high volatility levels experienced in the foreign exchange market owing to the unification of all trading windows into the investors’ and exporters’ window (the official FX market) by President Bola Tinubu’s administration.
The apex bank had in a statement issued by its Director of Corporate Communications, Isa AbdulMumin said, “The CBN reiterates that the prevailing Foreign Exchange (FX) rates should be referenced from platforms such as the CBN website, FMDQ, and other recognised or appointed trading systems to promote price discovery, transparency, and credibility in the FX rates.”
At a plenary session on Tuesday, the Green Chamber passed a resolution to summon the CBN governor following the adoption of a motion of urgent public importance sponsored by Sada Soli, a member of the House representing Jibia/Kaita Federal Constituency, Katsina State on the platform of the All Progressives Congress.
Justifying the significance of the motion, Soli said the decision of the apex bank may lead to the closure of factories and ultimately erode the nation’s capacity to build the local economy.
In his words, it is doubtful if the new policy would make any meaningful impact on the Nigerian economy, stressing that “middlemen” may take undue advantage of it for their own good.
Contributing to the motion, a lawmaker representing Oshodi/Isolo II Federal Constituency, Lagos State, Jesse Onuakalusi, called for the immediate reversal of the policy until the House concludes a legislative action on the matter; a prayer that was rejected by the lawmakers.
An amendment to the motion by Kingsley Chinda, representing Obio/Akpor Federal Constituency, Rivers State noted that the Cardoso should appear before the House Committee on Regulatory Banking, Finance and Customs to explain the rationale behind the lifting of the ban was thereafter adopted.
News
Yahaya Bello Commends Tinubu’s Security Gains, Meets NSA Ribadu
Former Kogi State Governor Yahaya Bello on Friday praised President Bola Ahmed Tinubu for steady progress in the fight against insecurity, during a meeting with National Security Adviser Nuhu Ribadu at the Office of the National Security Adviser in Abuja.
Speaking after the talks, Bello highlighted the recent foiling of an attempted abduction of schoolchildren in Kogi State as evidence of continued federal support and improved security coordination.
“I want to use this opportunity to commend Mr President and our leader, President Bola Ahmed Tinubu, for his relentless efforts in tackling insecurity across the nation. I also want to commend him and your humble self on the recent foiling of an attempted abduction of schoolchildren in Kogi State, which underscores the level of support the state continues to receive from the Federal Government. I attribute the successful operation to the vigilance, professionalism and improved coordination among the nation’s security agencies, which is clear evidence that intelligence-driven security operations are yielding positive results,” he said.
Bello particularly lauded Ribadu for providing strategic leadership and fostering stronger collaboration among security and intelligence agencies. He said the synergy under the NSA’s coordination had strengthened the country’s capacity to respond swiftly to emerging threats.
He also commended Tinubu’s sustained investment in intelligence gathering, security coordination and operational support, noting that these efforts had boosted the morale and effectiveness of personnel protecting lives and property.
On the recent rescue of abducted schoolchildren in Oyo State, Bello applauded the President, the National Security Adviser and the security agencies for their professionalism and determination in securing the victims’ safe release. He paid tribute to officers who lost their lives in the operation.
“Mr President also deserves commendation for the recent rescue of the abducted schoolchildren in Oyo State. I equally commend you, my brother, the National Security Adviser, and, of course, the security agencies for your painstaking efforts, professionalism and determination in securing the safe release of the victims. I also pay tribute to the brave officers who made the ultimate sacrifice during the operation. Their courage and selflessness remain a testament to their unwavering commitment to the defence of our country,” he said.
Ribadu, welcoming the former governor, stressed that insecurity concerns every Nigerian and that collective action is essential.
“I want to warmly welcome you to my office this afternoon, my brother. The issue of insecurity concerns everyone in this country, and I believe that if we all play our part at our various levels, we shall overcome insecurity in Nigeria,” he said.
Bello urged citizens to remain vigilant and share timely, credible information with security agencies, emphasising that tackling insecurity requires sustained cooperation between the public and security institutions.
He expressed confidence that under Tinubu’s leadership and Ribadu’s strategic guidance, Nigeria would continue to record significant gains against criminality, with ongoing reforms and inter-agency collaboration laying a foundation for lasting peace, stability and national development.
News
JUST IN: Prof. Segun Aina Takes Over as New JAMB Registrar
Professor Is-haq Oloyede has formally handed over to Professor Segun Aina as Registrar of the Joint Admissions and Matriculation Board (JAMB).
President Bola Tinubu appointed Professor Segun Aina to succeed the outgoing Registrar, Professor Is-haq Oloyede, whose two-term tenure ended on July 31, 2026.
Developing Story….
News
Nigerian Army Ranks Africa’s Best in Counter-Terrorism Operations 2025
The prestigious award was formally presented to the Chief of Army Staff (COAS), Lieutenant General Waidi Shaibu, at the Army Headquarters, Abuja, by Major General Teriworie Gagariga, who had earlier received it on behalf of the Nigerian Army during the African Security Watch Awards Ceremony in Banjul, The Gambia.
African Security Watch has ranked the Nigerian Army as Africa’s Best National Army in Counter-Terrorism Operations for 2025.
The prestigious award was formally presented to the Chief of Army Staff (COAS), Lieutenant General Waidi Shaibu, at the Army Headquarters, Abuja, by Major General Teriworie Gagariga, who had earlier received it on behalf of the Nigerian Army during the African Security Watch Awards Ceremony in Banjul, The Gambia.
The recognition further affirmed the Nigerian Army’s growing reputation as a professional and highly capable institution whose operational doctrine, combat experience and institutional best practices continued to serve as valuable reference points for armed forces across the African continent.
The award underscored the Nigerian Army’s emergence as Africa’s leading force in Counter-Terrorism and Counter-Insurgency Operations (CTCOIN).
It reflected years of sustained, intelligence-driven operations that have significantly degraded terrorist networks, restored security to affected communities and contributed to regional peace and stability.
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