CBN denies rice, cement importers access to forex

The Central Bank of Nigeria says importers of rice,
cement and other products will no longer access
Foreign Exchange from CBN, banks and bureau de
change for such importation.
The CBN Governor, Mr. Godwin Emefiele, who made
the disclosure to newsmen in Abuja on Wednesday,
said the measure would prevent further depletion of
the country’s foreign reserve.
He said the country was spending huge amount to
import things that could be produced locally.
Emefiele said the apex bank would not continue to
support the importation of such items through the
use of the hard earned foreign exchange.
Some of the products include margarine, palm
kernel, palm oil products, meat and processed meat
products, vegetables, private airplanes and jets,
Indian incense, tinned fish, galvanised steel sheet,
roofing sheet and furniture.
“Importers who may want to continue importing
these goods would have to sort their foreign
exchange from their own private sources.
“The CBN will continue to be vigilant around this
policy, keep reviewing the list of items as it becomes
comfortable that these items can be produced locally
if we apply ourselves sufficiently.
“This policy change is in line with the belief that
Nigeria cannot attain its true potential by simply
importing everything into the country.
“We have to decide what we really want for our
country and I believe that the time is now for that
deep and honest conversation,” he said.
He said in spite of relative positive Gross Domestic
Product growth over the past seven years, there was
no corresponding reduction in unemployment and
poverty.
He said bank’s analysis of the situation had
compelled it to stop forex access to some of these
goods to encourage local production and
consumption for economic development.
He also said that the Federal Government was
spending about N1.3 trillion on the average annually
to import rice, fish, sugar and wheat.