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Home Business News

Presidency gives reason for forex ban on food and fertilizer imports as MAN reacts

Chike Olisah by Chike Olisah
September 11, 2020
in Business News
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president Muhammadu Buhari

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The presidency has given the reason President Muhammadu Buhari ordered the Central Bank of Nigeria (CBN) to stop making available, foreign exchange to importers of fertilizer and food item, despite criticisms from some FX analysts and stakeholders.

It revealed that the move by the president to suspend the allocation of foreign exchange for food and fertilizer imports is an action borne out of patriotism.

READ: Does Buhari’s new minimum wage approval mean “Nigeria is broke”?

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This disclosure was made by the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, when he appeared as a guest, on Channels Television’s Sunrise Program, on Friday September 11, 2020.

The Presidential media aide said that the President’s motive stems purely from devotion to the best interest of Nigeria.

Garba Shehu said, ‘’Nigerians must give consideration for the fact that the President’s directive to the CBN is driven by nothing other than a patriotic motive to promote what we grow’’

READ: Guinness Nigeria finding it hard to refinance its loans due to dollar scarcity

While responding to those who think that the president’s directive is overreaching, the Presidential spokesman said, ‘’I am not sure there is anywhere in the world that the Central Bank is so independent that it will operate like foreign ownership.’’

Nairametrics had reported that in its quest to diversify the economy and boost the agricultural sector, President Muhammadu Buhari directed the CBN to stop giving foreign exchange for food and fertilizer imports, a move which some analysts have been very critical of, insisting that the CBN should be independent and not have policies imposed on it by a political authority.

READ: 3 bank directors resign from NESG in protest to CBN immunity letter

The President stated that companies that want to continue with food and fertilizer importation can get their foreign exchange from other independent sources.

In its reaction, the Manufacturers Association of Nigeria (MAN), warned that this new policy could cause further inflation as the country was not yet sufficient in food production.


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Tags: Central Bank of NigeriaGarba ShehuMuhammadu Buhari
Chike Olisah

Chike Olisah

Chike was a banker with over 11 years experience in retail and commercial banking, risk management, treasury portfolio management and relationship management. He also acquired some experience in financial management and do have some special interest in investment analysis and personal finance. He had stints with financial institutions like the former Intercontinental Bank and Fidelity Bank.

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Comments 2

  1. Dede says:
    September 21, 2020 at 3:54 pm

    What infrastructure has been put in place to boost any kind of Food production on a local scale by the FG?

    Reply
  2. Clemon Aigbogun says:
    October 9, 2020 at 1:03 pm

    Dear Chike, thanks for the great job you have been able to do here,can there be some form of collaborative efforts in reporting or making ng public the huge untapped opportunities we have in the agriculture and agri-Value chains, which also holds potential for gainfully youth engagement and growth in IGR.
    The Ministry if Agriculture need to do so much more, as you see farm harvests waisting away seasonally, we can create a login Cal content balance for these nature of gaps, See local rice now selling do you to #28,000. in some outlets and locations.
    I celebrate you efforts and wish you more grease and coverage audience.

    Reply

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