CBN restricts forex for importation of cassava and other products

CBN

The Central Bank of Nigeria has said it will no longer provide foreign exchange for the importation of cassava, starch, ethanol and all other derivatives into Nigeria.

The CBN Governor, Mr Godwin Emefiele, said this during a meeting with some state governors held at the headquarters of the CBN.

The meeting was attended by governors from 20 states, namely Borno, Lagos, Ekiti, Imo, Jigawa, Anambra, Adamawa, Benue, Sokoto, Katsina, Gombe, Bauchi, Zamfara, Edo, Benue, Ogun, Kebbi, Kaduna, Edo and Bauchi.

The purpose of the meeting was specifically to get the cooperation of the governors in the area of economic diversification, job creation and poverty reduction.

The CBN governor said the decision to hold the meeting was based on the directive by President Muhammadu Buhari that the bank should boost production of 10 key commodities.

They are rice, cotton, oil palm, tomato, cassava, poultry, fish, maize, cocoa and livestock/dairy.

Specifically, he said in the past three months, the bank had made substantial progress but there was a need to interact more with state governors to sustain the momentum.

Emefiele said the ultimate objective was to make states economically viable through enhanced investments by the private sector.

This, he stated, would in turn create more economic opportunities at the sub- national level, as well as engage the teeming youths in meaningful enterprises, improve  internally revenue base for states to meet the developmental expectation of its citizens.