Naira and Dollar

Nigeria’s president, Muhammadu Buhari has again directed the Central Bank of Nigeria (CBN) not to provide forex for the importation of food items or fertilizer.

The president was, according to the Cable, gave the directive while speaking on Thursday at a meeting of the National Food Security Council at the State House in Abuja.

This is the second time the president will make such a statement, the first being in August 2019.

Buhari advised private businesses bent on food importation to source their foreign exchange independently, saying “use your money to compete with our farmers, instead of using foreign reserves to bring in compromised food items to divest the efforts of our farmers”.

“We have a lot of able-bodied young people willing to work and agriculture is the answer. We have a lot to do to support our farmers,” a statement by Garba Shehu, a presidential spokesman, quoted Buhari to have said.

“From only three operating in the country, we have 33 fertilizer blending plants now working. We will not pay a kobo of our foreign reserves to import fertilizer. We will empower local producers,”