Lawmaker commends ban on importation of foreign currencies

Mr Rotimi Olowo, a member of the Lagos State House of Assembly (LAHA), on Wednesday commended the Central Bank of Nigeria (CBN) for banning the importation of foreign currencies.

He said that the measure would curb security challenges and corruption and reduce current crime rate.

Olowo, who doubles as the chairman, House Committee on Works and Infrastructures, said that the development would help to checkmate illegal funding of criminal activities.

'The ban on the importation of foreign currencies by the CBN will reduce the security threat and challenges facing the country.

'It will also reduce the amount of money in circulation, and consequently lower inflation rate in the system,' he said.

Olowo (APC-Shomolu I) added that the apex bank's measure would seal off any illicit means of financial transactions that could jeopardise the nation's economy.

He said that it would also reduce the amount of money in circulation.

The CBN on Oct. 1 announced a ban on the importation of all foreign currencies, except with its approval.

The CBN Director of Corporate Communications, Mr Ugo Okoroafor, had said in a statement that the move was sequel to the regulatory body's withdrawal of the operating licences of 20 Bureau de Change (BDCs). (NAN)