The Governor, Central Bank of Nigeria (CBN), Godwin Emefiele, has clarified the Presidential directive on the restriction of foreign exchange for the importation of food into the country, noting that the President’s comment was in line with the Bank’s foreign exchange management policy.
Emefiele, who disclosed this on Monday, August 19, 2019, while addressing the media on the sidelines of the Presidential retreat for ministers’ designate holding at the State House, Abuja, explained that President Muhammadu Buhari spoke in the logic of the CBN Forex Management Policy, which commenced in 2016.
“What we will say from the CBN is that President has made this comment purely to strengthen the position of the CBN, to say that he believes in what the CBN has been doing since 2016 and there is need for us to reinforce that going forward,” he said
Recalling the Bank’s policy on forex restriction to some 43 food and non-food items, that can be produced in the country, the CBN Governor queried why Nigeria had to spend scarce foreign exchange importing items that can be produced locally.
He also faulted what he termed the misrepresentation of President Buhari’s directive to stop the provision of foreign exchange for food importation, describing criticisms that trailed the order as unfair and unfortunate.
Meanwhile, the CBN Governor, Emefiele, has allayed fears over the recent ruling by a British court awarding a $9 billion fine against Nigeria in favour of Process and Industrial Development Limited (P&ID), in a case of breach of contract.
Speaking on the possible impact of the implementation of such a ruling on the country’s foreign reserves, he thanked all stakeholders for their concern, even as he assured local and foreign investors that there was nothing to worry about.
“It is important for me to use this opportunity to assure our friends, local and foreign investors who called to express solidarity with us, not to express concern but to say that there is no need for anybody to worry.”
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
