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Home Business News Business

CBN promises to sustain FX restrictions on import of food items that can be produced locally

Chidi Emenike by Chidi Emenike
November 9, 2020
in Business, Spotlight
CBN forex restrictions on food itemsCBN approves new cheque standard for banks, Banks complex documentation makes it harder to access foreign exchange for Nigerians
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The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has promised to sustain FX restrictions on the importation of food items that can be produced locally.

He promised to get even get more aggressive and continue with the drive of diversifying the economy, especially as similar policy initiated by the apex bank yielded a positive result.

READ: CBN moves to ring-fence Disco collections

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This is according to an official video posted by the apex bank via its official Twitter account.

What they are saying

Commenting on the initiative to cut food importation in Nigeria, Mr. Emefiele said, “The Central Bank of Nigeria will get even more aggressive to see to it that food – any or all food items that can be produced in Nigeria and consumed in Nigeria, but currently being imported into Nigeria, are placed on the FX restriction list. Once, we go through our records, and convince ourselves that these products can be produced in Nigeria, the restriction will be effected’’

READ: Nigeria’s food Inflation rises by 110.5% in five years

What this means

The implication of this initiative when implemented is that you cannot source foreign exchange from the Nigerian FX market to import these items into Nigeria.

READ: CBN bars Payment Service Banks from accepting forex deposits

Why it matters

The initiative is part of the present regime’s policy on diversifying the economy and reducing over-reliance on imports. It can also go a long way to ensure domestic food security by minimizing external risks and help the government to save foreign exchange that would have been used for importation. It will help protect local industries and create more jobs through the process.

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Tags: CBNCBN Forex PolicyFood importationFX restrictionsGodwin EmefieleNigeria News

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