Sugar and wheat have been added in the forex restriction list of the Central Bank of Nigeria.
This was made public by the apex bank on its verified Twitter handle in a statement credited to the CBN governor, Godwin Emefiele.
The CBN said: “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.
— Central Bank of Nigeria (@cenbank) April 16, 2021″
Recall that over the years, the CBN has been reviewing its list of restricted food items to include more items, with the most recent being maize, a widely-consumed staple food in the country.
The CBN governor, Mr Godwin Emefiele, had earlier on Thursday given this hint while on an inspection visit to the proposed $500 million sugar processing facility in Nasarawa state, belonging to Dangote Sugar.
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.
In 2020, the apex bank included maize in its FX restriction list as it directed all authorised dealers to immediately discontinue the processing of Forms M for maize/corn importation into the country.
