Tensions ran high as Yemi Cardoso, the Central Bank of Nigeria (CBN) Governor, faced a barrage of criticism during his appearance before the House of Representatives for the sectoral debate. Lawmakers vented their frustrations over the sharp decline of the Nigerian currency in recent months.
During his presentation, Cardoso attributed the naira’s struggles to various challenges, including the significant demand for foreign exchange from students studying abroad. He highlighted that over 100,000 Nigerian students are currently pursuing education overseas, resulting in an expenditure of $28.5 billion between 2010 and 2020. Additionally, he pointed out that Nigerians spent $11.06 billion on medical tourism during the same period.
The decision to relocate some CBN departments to Lagos and the removal of 43 items from the foreign exchange (FX) window also sparked heated exchanges. Lawmakers voiced concerns that lifting the ban on these items would encourage unnecessary imports, thereby hindering local production.
In response, Cardoso defended the CBN’s stance, stating that import and export policies fall under the purview of the Ministry of Finance, and it is not within the CBN’s remit to regulate these matters. His remarks triggered a mild uproar in the House, prompting the presiding officer to intervene and urge respectful dialogue.
The session ended with Cardoso exiting the chamber after the question and answer segment, leaving lingering unease among lawmakers and the public alike.
