CBN: Nigeria Halts FX For Sugar,Wheat/Ghana

Must Read

- Advertisement -

The Central Bank of Nigeria, (CBN) has announced plans to halt foreign currency for sugar and wheat imports, as the country tries to conserve national foreign reserves.

The plan was disclosed by the apex bank via its verified Twitter handle, in a statement credited to the CBN governor, Godwin Emefiele.
The tweet stated, “Sugar and Wheat to go into our FX restriction list. We must work together to produce these items in Nigeria rather than import them. #Emefiele.”
In 2015, the bank listed 41 items that had been placed on its FX restriction list, citing that the move was necessary to conserve the nation’s foreign reserve and boost local production of the items on the restriction list.
Some of the items which made the 2015 list are margarine, poultry and eggs, rice, etc.
In August 2019, the central bank told lenders to stop offering credit to importers of milk after saying it would ban access to foreign exchange for dairy purchases to spur local production. It later lifted the restrictions for six dairy firms following an outcry from businesses.
The most recent addition is maize, a widely consumed staple food in the country.
“Sugar and Wheat to go into our FX restriction list. We must work together to produce these items in Nigeria rather than import them.” – Central Bank of Nigeria
Currency restrictions aimed at easing pressure on the local currency amid a shortage of dollars have contributed to galloping inflation and further weakened the naira in recent years, analysts say as indicated in a Reuters report.
The move has also been termed as faulty since Nigeria has not attained full food security and the agricultural sector is still struggling.
USAID launches $3 million grants to support food security challenge in Nigeria
To offer support to the country, USAID has launched a COVID-19 Food Security Challenge that will provide US$3 million in grant funding and technical assistance to youth-led and mid-stage companies working in food value chains in Nigeria.
Nigeria is experiencing food insecurity compounded by the COVID-19 global pandemic and its effects on the food value chain in the country.
- Advertisement -

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

- Advertisement -


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Latest News

- Advertisement -

Latest News

Latest News On Baba Ijesha: Lawyer Blasts Lagos Police, Princess Reacts To Actor’s Release

...Latest News Update On Baba Ijesha's Case Nollywood actor Olarenwaju Omiyinka aka Baba Ijesha detained by Lagos Police Command over...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -spot_imgspot_img