CBN To Place Sugar, Wheat On FX Restriction List

'Dotun Akintomide
Writer
CBN Rewards Plateau Farmers For Paying Loans on Time

Ad

Marwa, A Man of Uncommon Grace at 72

By Femi Babafemi I have had the privilege of knowing Brig Gen Mohamed Buba Marwa (rtd) for about 30 years. As a young reporter, I observed from a working distance the metamorphosis of a military administrator who was unlike any other—an enigma committed as much to his work as to becoming a paragon of excellence…

Thailand’s former PM Thaksin Shinawatra to Serve One-year Prison Term For Previous Convictions

Thailand’s Supreme Court said former Prime Minister Thaksin Shinawatra must serve a one-year prison term for previous convictions. The court was investigating whether officials had mishandled his return to Thailand in 2023 to begin serving the sentences. Following his return to Thailand after more than a decade of living in self-exile, Thaksin was sent to…

Cuts to US oil jobs and spending threaten output growth

The U.S. oil industry has laid off thousands of workers and cut billions in spending due to lower oil prices and the biggest consolidation in a generation, in what could mark the end of the rapid output growth that made the U.S. the world's top producer. The Organization of the Petroleum Exporting Countries and its…

Ad

The Central Bank of Nigeria is set to place forex restriction on selected commodities including sugar and wheat.

CBN Governor, Godwin Emefiele, stated this on Thursday in Nasarawa State during an inspection tour of the proposed $500m Dangote sugar processing facility.

He said, “We are looking at sugar and wheat. We started a programme on milk about two years ago, eventually, these products will go into our forex restriction list.”

The CBN governor added that the decision of the apex bank to include sugar and wheat on the forex restriction list was because the country spends $600m to $1bn importing sugar annually.

Emefiele noted that Nigerians must work together to produce these items in the country rather than import them.

This means that importers would have to source forex from the alternative foreign exchange market instead of the official exchange rate.

The CBN later explained that its decision to restrain importers of milk from the interbank foreign exchange market would encourage investment in local milk production, create jobs and grow the economy.

Nigeria’s annual milk consumption is estimated to be 1.7 million tonnes while local production is about 600,000 tonnes, according to July 2019 data from the Agriculture and Horticulture Development Board.

Ad

Unlocking Opportunities in the Gulf of Guinea during UNGA80
X whatsapp