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Home Business News Business

CBN includes sugar, wheat on FX restriction list

Victor EnengedibyVictor Enengedi
2 years ago
in Business, Business News, 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 Central Bank of Nigeria has announced plans to place sugar and wheat on its FX restriction list.

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.”

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

— Central Bank of Nigeria (@cenbank) April 16, 2021

It would be recalled that over the years, the CBN has been reviewing its list of restricted food items to include more items, with the most recent being the addition of maize, a widely-consumed staple food in the country.

What you should know

  • The CBN governor, Mr Godwin Emefiele, had earlier (on Thursday) given this hint while on an inspection visit to the proposed $500 million sugar processing facility in Nasarawa state, belonging to Dangote Sugar.
  • In 2015, the CBN 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, and cement.
  • In 2020, the apex bank included maize in its FX restriction list as it directed all authorised dealers to immediately discontinue the processing of Forms M for maize/corn importation into the country.
  • Nairametrics had also earlier explained in its publication following the new policy shift, that the government’s premise for deciding to restrict FOREX on food is faulty, especially since Nigeria has not attained full food security and the agricultural sector is still struggling.

Related

Tags: CBNFeaturedFX restriction

Comments 2

  1. Suleiman Stephen Anzaku says:
    April 17, 2021 at 1:18 pm

    It’s a welcome development it will in courage farming of wheat & sugar cane.

    Reply
  2. Henry says:
    April 17, 2021 at 7:43 pm

    This is beyond protecting the forex reserve. This is mindlessly putting fuel on am inferno. Can someone tell this dunce of a man and his team, that the inflation currently being experienced driven mostly by food price inflation is directly as a result all these restrictions especially in the face dwindling harvests due mostly to insecurity. What kind of thought process leads a man to watch his children die of hunger because he is saving up to buy a bicycle? Madness is the only answer that comes to mind.

    Reply

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