Central Bank of Nigeria (CBN) will blacklist from the foreign exchange market and the banking industry anyone or firm caught smuggling or dumping any of the 43 items restricted from accessing foreign exchange into the country.
This follows a presidential order which further gives impetus to the aggressive implementation of that policy which holds promises for jobs and economic boost
CBN governor, Godwin Emefiele announced this on Friday at a meeting the CBN held with stakeholders of the palm oil industry as part of efforts to promote the development of that sector’s value chain.
The presidential directive that we received says that we must expand, seek to give support to people who want to expand the production of these products in Nigeria another part of that presidential directive says that we should blacklist from the foreign exchange market and the
banking industry, all firms, their owners and their top management caught smuggling or dumping any of the restricted 43 items into Nigeria, “Emefiele warned at the meeting.
“The presidential directive that we have received is not for palm oil alone, we have received presidential directive to focus on the production of ten different commodities to be embarked on in the next couple of years, the products include; rice, maize, cassava, tomatoes, cotton, the entire textile value chain, oil palm, poultry, fish, livestock dairy and cocoa,” then governor stressed.
Emefiele continues to insist that there is no going back on the rules against those restricted items, which now include all forms of textiles and palm oil, having gradually expanded to 43 since 2015 when that policy was first announced.
“We are going to work very aggressively on this mandate,” the governor maintained. He announced that the CBN economic intelligence department has started investigating the accounts of those who are involved in smuggling or dumping palm oil and the other restricted commodities into Nigeria.
He told the palm oil stakeholders that the meeting was therefore to give them some heads-up and to show that government meant its words on the policy.
“We have the names of those bringing in these products and we feel that before any action is taken against you, in terms of blocking you from the foreign exchange market or blacklisting you from doing banking in Nigeria, we must invite you to say that we are drawing a line that importation of palm oil in Nigeria must stop,” the governor stated.
“Stopping it also means that we as central bank and the deposit money banks will create an opportunity for you to access credit to grow your plantations, but we will not allow any further importation of palm oil into Nigeria, we must create jobs in our rural communities.”
He said aside from supporting those who are interested in the industrial production, the CBN will also be supporting with its outgrower schemes, to be developed under some of the large companies.
“This is because we want to make sure that we spread wealth in our rural communities,” the governor further explained.
…..Details soon
Onyinye Nwachukwu, Abuja
