Nigeria to save $20b from food import ban

August 15, 2019 by Don Saint 0 Comments

The implementation of the ‘no forex for food import’ directive could save $20 billion for the economy, a Central Bank of Nigeria (CBN) data has shown.

President Muhammadu Buhari on Tuesday ordered the CBN to exclude importers of food items from accessing forex from official windows.

According to a CBN source, Nigeria saved around $21 billion in 2018 following the restriction of forex on 41 items. “With the addition of cotton, textile and garments, poultry, palm oil and their derivatives and other food/agricultural items imported into the country, it is expected that Nigeria will save more forex from the directive.

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About Don Saint

PR Guru / Author / Promoter / Controversial Writer / Hip Hop Artiste / Actor / Human Rights Activist. The First Nigerian Hip Hop Artiste to obtain a Masters Degree (M.A) in Arts ( Religion & Human Relations). The author of one of the most controversial books in Nigeria; "Emancipation from Masturbation". With over 12 Movies and 3 Musical albums since 2003. Former Events Manager at Silverbird’s Rhythm Fm Awka Station till 2010. For more info. Call : 08033239298.

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