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Home Business News

CBN restricts forex for milk import to Nestle, Chi, Friesland, 3 others

Chidinma Nwagbara by Chidinma Nwagbara
February 11, 2020
in Business News, Politics
CBN reveals framework for the N75 billion Youth Investment Fund, Economic Growth, CBN, Governor, Emefiele, CBN releases new capital base, sanctions for Microfinance Banks, Nigerian Banks broadly positive after naira devaluation, Naira hits N465 to $1, Central Bank begins disbursing $100million to hit at currency speculators, CBN appoints 3 Pre-Shipment Inspection and 2 Monitoring Agents for non-oil exports
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The Central Bank of Nigeria (CBN) has restricted foreign exchange for milk importation to six companies in Nigeria to boost local production. This was disclosed in a circular issued on Tuesday by the apex bank and made available to Nairametrics. 

The circular, which was signed by the Director, Trade and Exchange Department, Dr. O.S Nnaji, stated that CBN engaged the manufacturers because they have keyed into its backward integration to enhance their capacity and improve local milk production.

“All authorised dealers are to note that all Forms ‘M’, for the importation of milk and its derivatives shall only be allowed for the following companies. They are FrieslandCampina WAPCO Nigeria, Chi Limited, TG Arla Dairy Product limited, Promasidor Nigeria, Nestle Nigeria and Integrated Dairies Limited.

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“For the avoidance of doubt, all established Forms ‘M’ for the importation of milk and its derivatives for companies other than the above for which shipment has not taken place should be cancelled immediately,” the circular stated. 

[READ MORE: Milk: NECA urges CBN to suspend Forex restriction]

The aforementioned companies are said to have begun investing in local milk production in line with the CBN’s backward integration plan.

According to the Director of Corporate Communications Department at the CBN, Isaac Okorafor, the bank chose to engage the six companies because they showed sufficient willingness and ability and had keyed into the CBN’s backward integration program in order to enhance their capacity and improve local milk production.

Why this matters: As Okoroafor noted, this new program would push the increase of milk production in the country. The CBN plans to increase the current figure of 500,000 metric tonnes to about 550,000 metric tonnes within the next 12 months.

The Director also said that the bank aims to facilitate easier access to funding for dairy investors. This would be done so as to ensure that the country conserves foreign exchange, triggers economic growth and boost employment opportunities in the sector.


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Tags: CBNForeign ExchangeMilk importation ban
Chidinma Nwagbara

Chidinma Nwagbara

Chidinma holds a degree in Mass communication from Caleb University Lagos and a Masters in view in Public Relations. She strongly believes in self development which has made her volunteer with an NGO on girl child development. She loves writing, reading and travelling. You may contact her via - chidinma.nwagbara@nairametrics.ng

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