Former Kaduna Senator, Shehu Sani has warned that lifting the ban on the importation of items that are produced locally is a disastrous economic strategy.
Issuing this warning in the wake of the recent move by Federal Government to lift the forex ban imposed on importation by the previous administration, Mr Sani argued that the nation’s scarce forex should be used to support local production and not importation.
“Lifting of the ban on importation of Toothpicks, Cement and other agricultural products that we can produce at home is a disastrous economic strategy. The nation’s scarce forex should be used to support local production not importation. The new CBN Boss should think of better ways.,” a tweet by Mr Sani read.
News About Nigeria recalls that the Central Bank of Nigeria, on Thursday, lifted the forex ban imposed by the immediate past administration on importation.
The Mr Muhammadu Buhari administration had imposed the ban to discourage the importation of locally produced items.
However former Deputy Governor of the Central Bank of Nigeria, Kingsley Moghalu had applauded the President Bola Tinubu-led government for taking the step to lift the ban earlier imposed on forex.
The former deputy governor of the apex bank suggested that the decision of President Tinubu to lift forex ban on importation was a correct call.
Mr Moghalu revealed that he was against the earlier decision taken by the immediate past administration to restrict foreign exchange for importers of 43 items.
