Economy

Food import: Ex-ANAN president commends Buhari over forex ban

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, has commended  President Muhammadu Buhari for directing the Central Bank of Nigeria (CBN) to stop allocating foreign exchange for food importation.

Nzekwe gave the commendation in an interview with the Nigeria News Agency in Ota, Ogun, on Wednesday.

NAN reports that the president had on Tuesday in a statement by Malam Garba Shehu, a presidential aide, directed the apex bank to stop granting forex for food importation into the country.

The ANAN president said that the Federal Government’s decision to put a halt to the practice was a welcome decision which would go a long way in stabilising the economy and freeing forex for more crucial items.

He, however, urged the Federal Government to be cautious in the implementation of the directive while also ensuring that the nation produces enough food for local consumption.

Nzekwe noted that a situation where imported foods on the list of banned items were not met by local production may cause some discomfort in the country.

“The nation is currently facing insecurity and others challenges which had prevented farmers from going to the farm.

“A shortfall in the production of those banned food items could create another problem for the country,” he said.

Nzekwe stressed the need for government to urgently address the security challenge in the country to ensure that food insufficiency that could hinder the implementation of the forex ban was tackled.

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Ige Adekunle

Ige Adekunle: NNN is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. We are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and we strive diligently to ascertain the truth in every news report. Contact: editor @ nnn.ng. Disclaimer.

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