28.6 C
Lagos
Friday, December 4, 2020
- Advertisement -

As Dollar Scarcity Worsens, Buhari Announces Tighter Foreign Exchange Curbs

Opinion

CNN and the Ethics of Journalism – By Lai Mohammed

Our attention has been drawn to an ‘investigation’ by CNN, entitled ‘How a Bloody Night of Bullets Quashed a Young Protest Movement’...

Drug Use: The Forgotten Epidemic – By M. Buba Marwa and Oliver Stolpe

In 2018, the National Bureau of Statistics (NBS) in cooperation with the United Nations Office on Drugs and Crime and the European...

Understanding the American Three-Stage Presidential Election – By Solomon Ukhuegbe

The United States presidential election of November 3, 2020 eclipsed the election at the same time for all seats of the U.S....

Bukola Saraki’s Homecoming – By Alabi Olayemi

Former Senate President Bukola Saraki breezed into Ilorin, the capital city of Kwara State, on Saturday November 14. The day coincided with...

In a move widely seen as illuminating Nigeria’s growing foreign exchange scarcity and undermining the independence of the Central Bank, President Muhammadu Buhari on Thursday said that importers of food and fertiliser will no longger be able to buy foreign currencies through official channels.

Mr Buhari issued the edict through a post on the social messaging app Twitter. He said that he revealed that issued an instruction to to the Central Bank to bar the sale of foreign currency to companies and individuals that import food and fertiliser into the country.

“I am restating it that nobody importing food or fertilizer should be given foreign exchange from the Central Bank. We will not pay a kobo of our foreign reserves to import food or fertilizer. We will instead empower local farmers and producers.”

“We have a lot of able-bodied young people willing to work, and agriculture is the answer,” Buhari wrote.

The president’s comments were made after he supervised a National Food Security Council meeting at the Council Chambers of the State House, Abuja.

Aso Villa sources informed the Lagos Times on the condition of anonymity because they were not authorized to speak with the media, said that the president meeting reiterated that food security remains a major agenda for his administration and promised to enact policies that will make inputs accessible, available, and affordable to local farmers.

“Food security remains at the forefront of our administration’s agenda. I chaired a Meeting of the National Food Security Council today, where we noted the devastating impact of recent floods on the progress we’ve made so far. Our condolences go to the victims and their families.”

“We are integrating rural communities to the formal economy by extending access to credit and inputs to rural farmers, and building feeder roads. We have also invested in building our strategic grain reserves in recent years.”

“We are grateful to all our farmers for their hard work. We will continue to do everything to support them, including those impacted by the recent flooding disaster. Already, we are working to ensure the losses from this wet season are replaced in the coming dry planting season.”

- Advertisement -
- Advertisement -

Business Profiles

Ifeatu Onwuasoanya

Ifeatu Onwuasoanya is the Chief Audit Executive of NOVA Merchant Bank Limited. He has over 22 years-experience in financial services covering such...

Eberechukwu Agbogun

Eberechukwu Agbogun is the Head Capital Markets at NOVA Merchant Bank Limited. Her wealth of experience in financial services spans seventeen years...

Chinedu Ekeocha

Chinedu Ekeocha is the Chief Operating Officer of NOVA Merchant Bank Limited. He has over 27 years experience in financial services covering...

Maria Kiwanuka

Maria Kiwanuka is the Chairperson of the Board of Directors UBA Uganda. Maria Kiwanuka is an Economist by profession and a former...

Chioma Mang

Chioma is a seasoned banker with almost 3 decades of combined experience at top management and executive levels in banking spanning Treasury...