CBN adds new items on the FX ban list
The Central Bank of Nigeria has announced plans to place sugar and wheat on its FX restriction list.
The apex bank disclosed this via its verified Twitter handle
According to the tweet credited to the governor of the Central Bank of Nigeria (CBN) Godwin Emefiele, it stated that “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.”
It would be recalled that BUA group recently disclosed its working towards unveiling its 10,000 tons cane per day (TCB) sugar refinery in the first quarter of the year.
Also, 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.
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.