The foreign exchange used for the importation of food products into Nigeria from January to August this year rose to $1.41bn despite the directive that the Central Bank of Nigeria should stop issuing forex for food and fertiliser imports.
Forex supply for food imports in the eight-month period rose by 35.28 per cent from $1.04bn in the same period last year.
The President, Major General Muhammadu Buhari (retd.), had in September 2020 given a directive to the CBN at a meeting of the National Food Security Council at the Presidential Villa, Abuja, saying that firms that were bent on importing food should source their forex elsewhere…
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