CBN restricts forex for milk importation to Nestle, 5 others

The Central Bank of Nigeria (CBN) has today announced the restriction of foreign exchange for milk importation to six companies in Nigeria. The companies include Nestle, FrieslandCampina WAPCO Nigeria, Chi Limited, TG Arla Dairy Product limited, Promasidor Nigeria, Nestle Nigeria and Integrated Dairies Limited.

According to a release by the CBN, the new move is aimed at boosting local production, noting that the CBN engaged the manufacturers because they have keyed into its backward integration to enhance their capacity and improve local milk production

“For the avoidance of doubts, all established form ‘M’ for the importation of milk and its derivatives for companies other than the above for which shipment has not taken place should be cancelled immediately,” the release said.