Nigerian, CBN, to stop issuing forex for food importation into Nigeria, warning that such restriction would increase the rate of suffering among majority of Nigerians.warned the apex bank to stop providing foreign exchange for importation of food produced locally in the country.
The statement reads: “The first issue is on the legality of the directive. By S.1 of the Central Bank of Nigeria Act 2007, it is provided that: “The second issue is that policies such as this, assuming it came from the CBN would have required a phased and gradualist approach in determining the point at which foreign exchange allocations for food imports will be reduced. This would have involved a multi sectoral engagement of farmers, food processors, the banking industry, transport and electricity sectors, etc., with clear demonstrable milestones of achievements to indicate the attainment of food security.