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HomeTop NewsNigeria Central Bank To Restrict Forex Access To Dairy Importations

Nigeria Central Bank To Restrict Forex Access To Dairy Importations

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The Central Bank of Nigeria (CBN) plans to restrict foreign exchange access to importers of dairy products into the country, the regulatory bank’s governor said on Tuesday as the apex bank held its benchmark rate at 13.5percent.
Godwin Emefiele, who spoke after the Monetary Policy Committee (MPC) meeting in Abuja said the country is spending between $1.2- $1.5 billion on the importation of dairy products to the country.
He also disclosed plans to continue to encourage banks to perform their intermediation role in the economy, saying Nigeria loan-to-deposit ratio was the lowest in the world.
According to him, Nigeria’s loan-deposit-ratio is about seven percent compared with over 60 percent in other climes.
Emefiele also disclosed that while the regulatory bank has no intention to restrict banks from participating in the treasury bills market, it will continue to ensure that bidding at the auction is done for customers of the banks and foreign investors.

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