The House of Representatives has called on CBN to produce a list of establishments that were issued with foreign exchange at a subsidized rate from 2015 to date. Moving the motion at the plenary session of October 5th 2016, Hon. Ali Isa J.C (PDP: Gombe) expressed concerns over the lingering scarcity of foreign exchange in the nation’s capital market which has continued to weaken the Naira.

Hon. Isa stated that the continuous weakening of the Naira against the dollar and other foreign currencies has affected the cost of goods, services and production. He further noted that despite weekly releases of FOREX to Bureau De Change (BDC) operators and Banks as claimed by the CBN, the value of the Naira against foreign currencies has continued to depreciate further worsening the economic condition in the country. He therefore urged the House to set up an ad-hoc committee to investigate CBN’s FOREX policies and recommend appropriate measures that would stabilize the FOREX market with a view to strengthening the value of the Naira.

The matter which was unanimously adopted would be investigated by a special ad-hoc committee that would report back its finding in four (4) weeks.