Yemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), encountered a confrontational atmosphere during his appearance before the House of Representatives for a sectoral debate on Tuesday.
Many lawmakers expressed dissatisfaction with Cardoso’s management of the naira, which has been experiencing a downward trend in recent months.
During his presentation to the House, Cardoso highlighted the challenges facing the naira, citing pressure from the demand for foreign currency by students studying abroad.
He stated that over 100,000 Nigerian students are currently studying outside the country, and between 2010 and 2020, they spent $28.5 billion on foreign education expenses.
Additionally, Nigerians spent $11.06 billion on medical tourism during the same period.
The session saw several lawmakers expressing concerns about the handling of the naira, the relocation of some CBN departments to Lagos, and the removal of 43 items from the foreign exchange (FX) window.
Sada Soli, a lawmaker from Katsina State, criticized the lifting of the ban on these items, arguing that it would lead to the importation of goods that Nigeria can produce locally, such as cement.
In response to the concerns raised about the 43 items, Cardoso defended the CBN’s support for their removal, stating that it is the Ministry of Finance’s responsibility to determine import and export policies.
His explanation sparked mild uproar among the lawmakers, prompting the presiding officer, Ben Kalu, to intervene and calm the situation. After the question-and-answer session, Cardoso was allowed to leave the chamber.
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