Buhari Directs CBN to Stop Forex for Food Imports

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  • Says Nigeria has attained food security

Omololu Ogunmade in Abuja 

President Muhammadu Buhari has directed the Central Bank of Nigeria (CBN) to stop providing foreign exchange for importation of food into the country in a bid to ensure Nigeria attains food security.

A statement yesterday by a presidential spokesman, Mallam Garba Shehu, quoted Buhari as telling All Progressives Congress (APC) governors, who came to celebrate the Eid-el-Kabir with him in his country home in Daura, that the foreign reserves will be conserved and utilised strictly for diversification of the economy, and not for encouraging more dependence on foreign food.

“Don’t give a cent to anybody to import food into the country,’’ he said.

The CBN Governor, Mr. Godwin Emefiele, in December 2018, had said Nigeria’s monthly food import bill fell from $665.4 million in January 2015 to $160.4 million as of October 2018; an implied savings of over $21 billion on food…



Source: Thisday Newspaper