News
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.
Gov. Umo Eno of Akwa Ibom has approved an increment in the monthly state allowance for corps members serving in the state from N5,000 to N20,000.
Mr Eno made the announcement on Friday during the state delivery meeting, held at the Banquet Hall of Government House, Uyo.The increment will take effect from Aug. 1st.
The governor said that the increment was to support the Federal Government’s N77,000 monthly allowance, toward helping corps members meet their basic needs.“
More than 10, 000 corps members are posted to Akwa Ibom annually. We must continue to encourage and support them,” Mr Eno said.
It would be recalled that the governor, last week, approved the reconstruction of the NYSC orientation camp at Ikot Itie Idung, as part of efforts to improve the welfare of corps members in the state.
(NAN)
Troops of the 3 Division of the Nigerian Army in conjunction with the Operation Safe Haven (OPSH) under Operation Lafiyan Jama’a have neutralized several bandits during joint operations in Bokkos Local Government Area of Plateau State.
A statement issued on Friday by the Defence Headquarters (DHQ) stated that the clearance operation which took place on Thursday, July 3, led to the killing of scores of bandits.
The statement reads: “In continuation of ongoing efforts to rid the Joint Operations Area (JOA) of criminal elements, troops of 3 Division/Operation SAFE HAVEN under Operation LAFIYAN JAMA’A have sustained aggressive kinetic operations in Bokkos Local Government Area of Plateau State, yielding commendable outcomes.
“On 3 July, 2025, troops carried out a clearance operation in the rugged terrains of Tulus and Hokk Communities, located along the Plateau–Nasarawa State border.
“During the mission, contact was made with armed militias in Hokk, leading to a brief but decisive firefight. Several bandits were neutralised, while others fled into surrounding forests.
“Troops conducted a thorough exploitation of the area and, though no further contact was established, have maintained control through mobile and static patrols to disrupt any regrouping attempts.
“These successful actions reaffirm the resolve of security forces to dismantle criminal syndicates and prevent the proliferation of illicit weapons threatening peace and security within the Joint Operations Area.”
After 13 days in captivity, Justice Ebiyerin Omukoro, a Bayelsa State High Court Judge, who was kidnapped by gunmen, has been released.
The judge was abducted on June 21, 2025, around 7pm by gunmen dressed in combat fatigue in front of a popular eatery at the Ekeki suburb of Yenagoa.
It was gathered that Justice Omukoro was released on Thursday evening and is still with security operatives.
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