Tag Archives: Central Bank of Nigeria

Economic and public policy analysts call on CBN to abandon policy on forex restriction on food items

Regulatory conversation

Economic and public policy analysts have called on the Central Bank of Nigeria (CBN) to abandon its new policy directive to restrict foreign exchange on certain imported food items, saying the policy is not beneficial to the masses.

The experts who spoke at the fourth annual regulatory conversation, with the theme ‘Foreign Exchange Restrictions on Food Imports and Implications for Regulating and Growing the Nation’s Economy’, adviced the CBN to slow down on its implementation of restriction of foreign exchange to milk importers.

Forex restriction on dairy likely to lead to higher milk prices, says milk producers


Milk producers in the country have said that foreign exchange restriction on milk imports would ultimately lead to higher prices of milk products for consumers.

“Of course, it will definitely affect prices. There is a difference of about N55 or N60 per dollar between the exchange rate on the black market and the interbank market,” said the General Manager, External Affairs, PZ Cussons, Mohammed Tahir at a dairy Congress in July.

Four local firms soon to begin local production of milk, says CBN


The Central Bank of Nigeria (CBN) has said that four dairy firms have commenced the process for the local production of milk.

The CBN Governor, Godwin Emefiele made this known in Abuja on Thursday. He said the companies are FrieslandCampina WAMCO, Neon Agro, CHI Limited and Irish Dairy. The companies, he noted have all expressed interest to invest in Bobi Grazing Reserve in Niger State.

Bobi Grazing Reserve located in Mariga Local Government Area is part of 26 Grazing Reserves gazette under a livestock development initiative by the Niger State government in partnership with the CBN.

Commercial banks told not to extend loans to milk importers – CBN


The Central Bank of Nigeria (CBN) has given a new directive to commercial banks to stop providing loan facilities to milk importers in the country.

In a circular to banks on Tuesday, the CBN said milk imports will no longer be eligible under payment terms known as “bills for collection” which allowed the importer to buy on credit. Instead, importers would need to fund their naira accounts and open letters of credit, bankers said.

Employer’s Union appeal to government to engage private sector in talks on forex ban on food import

The Association of Food, Beverage and Tobacco Employers (AFBTE) has called on the Federal Government to go into talks with the Organised Private Sector (OPS) and other concerned stakeholders in the food industry in a bid to find lasting solutions to the government’s plan to restrict foreign exchange on food imports.

CBN to expand forex restriction list on food items, echoing president’s order

The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has said that the apex bank will soon add more items to the list of 43 items that are barred from receiving foreign exchange (forex) from banking sources.

Emefiele made the statement on the sidelines of the presidential retreat for new ministers in Abuja on Monday. He said that banks will not go back on the directive of President Muhammadu Buhari on food importation into the country.

No ban or restrictions on food imports – Buhari

President Muhammadu Buhari on Sunday said there was no truth to a story in the Financial Times of London that his government has placed a ban on the importation of food items into the country.

The president also said that his recent directive to the Central Bank of Nigeria (CBN) not to provide foreign exchange (FX) to food importers did not amount to food restriction.

President Buhari orders CBN to halt Forex provision for food imports

President Muhammadu Buhari on Tuesday ordered the Central Bank of Nigeria (CBN) to stop making foreign exchange available to food importers, saying that the directive is to ensure the steady improvement in agricultural production and to attain full food security.

The statement was made while the president hosted his party’s, All Progressive Congress (APC) governors to eid-el-Kabir lunch at his country home in Daura, Kastina State.

NECA urges CBN to suspend planned forex restriction on milk imports

The Nigerian Employers Consultative Association (NECA) has appealed to the Central Bank of Nigeria (CBN) to suspend its planned forex restriction on milk imports, saying that the initiative could potentially cripple businesses in the sector.

The call was made by the Director-General of NECA, Mr Timothy Olawale, on Thursday at a business forum in Lagos, while speaking on the need to gauge the suitability or otherwise of the policy at this time. He noted that the apex bank should engage in extensive consultation with all stakeholders by creating an environment that would enable it to weigh the merits and demerits of the policy in the long term.

Milk importation not banned; only FX for milk import will be restricted – CBN clarifies


The Central Bank of Nigeria has come out to clarify and defend its proposed policy with regards to milk importation it unveiled earlier in the week. In a late Friday statement on its website, the apex bank said that milk importation is not banned, only the sale of foreign exchange to milk importers will be restricted.