Topic: It’s shameful to import toothpick, fish, eggs, sugar, wheat — CBN

ABUJA — The Central Bank of Nigeria, CBN, yesterday said
that importers of rice, cement and other products will no longer
access Foreign Exchange from CBN, banks and bureaux de
change for such importation.
The CBN Governor, Mr Godwin Emefiele, who disclosed this at
a news conference in Abuja, said the measure would prevent
further depletion of the country’s foreign reserve.
He said the country was spending huge amount to import things
that could be produced locally, adding that the apex bank would
not continue to support the importation of such items through
the use of the hard earned foreign exchange.
Some of the products include margarine, palm kernel, palm oil
products, meat and processed meat products, vegetables, private
airplanes and jets, Indian incense, tinned fish, galvanised steel
sheet, roofing sheet and furniture.
He said: “Importers who may want to continue importing these
goods would have to sort their foreign exchange from their own
private sources. The CBN will continue to be vigilant around
this policy, keep reviewing the list of items as it becomes
comfortable that these items can be produced locally if we apply
ourselves sufficiently.
Emefiele said the CBN was forced to come up with the new
policy to exclude importers of rice and 40 other items from the
foreign exchange market in order to save the nation’s economy.
Speaking to journalists in Abuja, he said the time has come for
Nigerians to decide what must be done to realise the much-
desired economic development, rather than making the nation a
dumping ground for other economies of the world.
Warns banks, bureaux de change