Central Bank of Nigeria introduces new policy to regulate milk importation

NIGERIA – The Central Bank of Nigeria (CBN) has banned commercial banks and other authorised dealers from accepting Bills for Collections as means of payment for milk importation and its related products. Under the new policy statement, financial institutions were directed by the apex bank to only accept Letters of Credits (LCs) as means of payment for imported milk and milk products. Financial institutions in the country are expected to discontinue the processing of imports of milk and its related products on Bills for Collection basis, according to a ThisDay…

Read More

Nigeria’s President directs central bank to halt forex provision for food imports

NIGERIA – President Muhammadu Buhari has directed the Central Bank of Nigeria (CBN) to stop providing foreign exchange for food importation in a move that seeks to improve agricultural production and enable Nigeria attain food security. According to statement issued by a presidential spokesman, Mallam Garba Shehu, President Buhari said that the foreign reserves will be conserved and utilised strictly for diversification of the economy. President Buhari maintained that the forex provision should not be used to encourage more dependence on foreign food. “Don’t give a cent to anybody to…

Read More

CBN defends proposed policy on forex restriction to milk importers

NIGERIA – The Central Bank of Nigeria (CBN) has clarified its proposed policy with regards to milk importation, maintaining that it does not intend to impose a ban on milk importation. The bank noted that the new policy seeks to restrict the sale of foreign exchange to milk importers with an aim of stimulating investments in local milk production. The CBN Governor, Godwin Emefiele and dairy producers have been engaging in deliberations to address challenges in dairy industry. As part of its interventions, the apex bank in collaboration with the…

Read More