CBN To Place Sugar, Wheat On FX Restriction List

CBN Rewards Plateau Farmers For Paying Loans on Time

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.”

READ ALSO:   PDP Mourns Ciroma’s Death, Says It’s a Huge National Loss

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.

READ ALSO:   Unlocking The Lockdown: CBN Writes All Banks, Lifts Suspension of Cheque Clearing

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.

READ ALSO:   Nigeria’s External Reserves Record 7% Increase In 3 Weeks

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.

Subscribe to Our VIP Newsletter

Previous articleGhanaian Actress Sent To Jail For Posting Nude Online
Next articleZion Train Is Coming Our Way, By Femi Adesina

The New Diplomat stands for ethical journalism, press freedom, accountable republic, and gender-equity. That is why at The New Diplomat, we are committed to speaking truth to power, fostering a robust community of responsible journalism, and using high quality polls, data, and surveys to engage the public with compelling narratives about political, business, socio-economic, environmental, and situational dynamics in Nigeria, Africa, and globally. From our insightful reports of political issues to our riveting investigations and analyses of business, socio-economic, and cross-cutting sectors, The New Diplomat remains ever committed to investigative reporting and ethical journalism. Support and partner with The New Diplomat today, to guarantee a positive future for all under an atmosphere of free press!


Please enter your comment!
Please enter your name here