The Central Bank of Nigeria (CBN) will place sugar and wheat of its forex restriction list, Godwin Emefiele, Governor of the apex bank, has said.
He said this on Thursday in Nasarawa State during an inspection tour of the proposed $500 million Dangote sugar processing facility.
He said, “We are looking at sugar and wheat. We started a programme on milk about two years ago, eventually, these products will go into our forex restriction list.”
The CBN governor added that the decision of the apex bank to include sugar and wheat on the forex restriction list was because the country spends $600 million to $1 billion importing sugar annually.
The move means that importers would have to source forex from the alternative foreign exchange market instead of the official exchange rate.