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Nigeria to save $20b from food import ban

The implementation of the ‘no forex for food import’ directive could save $20 billion for the economy, a Central Bank of Nigeria (CBN) data has shown.

President Muhammadu Buhari on Tuesday ordered the CBN to exclude importers of food items from accessing forex from official windows.

According to a CBN source, Nigeria saved around $21 billion in 2018 following the restriction of forex on 41 items. “With the addition of cotton, textile and garments, poultry, palm oil and their derivatives and other food/agricultural items imported into the country, it is expected that Nigeria will save more forex from the directive.

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