CBN Explains Rationale Behind New Policy on Importation

The Central Bank of Nigeria Governor, Mr. Godwin Emefiele, has explained the rationale behind the new policy banning the sale of forex for the importation of some items.

The bank had on Tuesday issued a circular stopping the sale of foreign exchange to importers of rice, private jets, textiles, tomato paste, poultry products and 35 other times.

Emefiele said during a press briefing Wednesday in Abuja  that the policy change is in line with the government's long held belief that Nigeria cannot attain its true potentials by importing everything into the country.

He noted that despite the impressive Gross Domestic Product growth rate which the country had recorded over the years, there is an absence in the corresponding reduction in unemployment or poverty.

The governor noted that from both his personal as well as the bank's institutional analysis, the management is now compelled to believe that the country needs to begin the process of aggressively feeding itself and producing more of what it needed.

He said CBN would ensure that the ban of sale of forex for the importation of these items are enforced noting that any bank that violate this new policy would be sanctioned.

"In the case of yesterday's announcement, I am happy to underscore that this policy change is in line with our long held believe that Nigeria cannot attain its true potentials by importing everything into the country.

"At some point in our lives, we have to all decide what we really want for our country and I believe that the time is now ripe for that conversation.

(This Day)