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CBN restricts forex for milk importation, exempts six companies

CBN restricts forex for milk importation, exempts six companies
February 11
11:17 2020
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The Central Bank of Nigeria (CBN) has added milk and dairy products to the list of items not eligible for forex.

However, the bank exempted six companies from the restriction.

“As part of efforts to increase local production of milk, its derivatives and dairy products, the Central Bank of Nigeria has engaged with some companies in the industry who have keyed into the bank’s backward integration program to enhance their capacity and improve local milk production,” a notice published on the bank’s website on Tuesday read.

“Accordingly, all authorised dealers are to note that all Forms ‘M’ for the importation of milk and its derivatives shall only be allowed for the following companies:

  • Friesland Campina WAMCO Nigeria
  • Chi Limited
  • TG Arla Dairy Products Limited
  • Promasidor Nigeria Limited
  • Nestle Nigeria Plc (MSK only)
  • Integrated Dairies Limited

“For the avoidance of doubt, all established Forms ‘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 exempted companies have begun investments in local milk production as part of the central bank’s backward integration plan.

Godwin Emefiele, the CBN governor, first confirmed plans to restrict forex for milk importation in July 2019 saying the bank is convinced that the product can be manufactured in Nigeria.

In August 2019, President Muhammadu Buhari directed the apex bank to restrict forex for food importation saying the directive is to ensure steady improvement in agricultural production and attainment of full food security.

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Exchange Rates

March 25, 2019USDGBPEUR
INTERBANK306397354
LAGOS380478402
KANO375477498
PH380478498
ABUJA375476400
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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