CBN Clarifies Proposed Policy on  FX Restriction to Importers of Milk 

Godwin Emefiele
CBN Governor, Mr. Godwin Emefiele
The Central Bank of Nigeria (CBN) on Friday said its attention had been drawn to attempts by some interests, who feel hurt by the planned policy aimed at promoting the local production of milk in Nigeria, to mislead the general public by misrepresenting the ordinarily unassailable case for investments in local milk production and the medium to long-term benefits of the planned policy.
The Director, Corporate Communications, CBN, Isaac Okorafor, explained in a statement that while the central bank was aware that some of its policies may hurt some business interests, “we are thankful to Nigerians for the buy-in and intense interest in the policies of the CBN.”
He added: “As a people-oriented institution, however, we shall remain focused on the overarching and ultimate welfare of the Nigerian masses.
“Nigeria and the welfare of all Nigerians come first in all our policy considerations. Being an apolitical organisation, we do not wish to be dragged into politics. Our focus remains ensuring forex savings, job creation and investments in the local production of milk.
“For over 60 years, Nigerian children and indeed adults have been made to be heavily dependent on milk imports. The national food security implications of this can easily be imagined, particularly, when it is technically and commercially possible to breed the cows that produce milk in Nigeria.
“About three years ago, we began a policy to encourage backward integration to conserve foreign exchange and create jobs for our people. Included in this policy package was the introduction of the highly successful policy which restricted sale of forex from the Nigerian foreign exchange market for the importation of some 43 items that could be produced in Nigeria.”
More details later…