Regulatory Conversations 4.0: Forex Restrictions on Food Imports and Implications For The Economy

Friday, September 13, 2019  /  04:57AM / CBi Release  / Header Image Credit: Integrity Organisation

The Convention on Business Integrity (CBi)/The Integrity Organisation in collaboration with ActionAid, Nigerian Economic Summit Group, Lagos Chamber of Commerce & Industry, BusinessDay Newspapers and Proshare, will host the fourth in the series of CBi Regulatory Conversations (RC4.0), themed:  Foreign exchange restrictions on food imports and implications for regulating and growing the Nigerian Economy. 

Regulatory Actions

Recall that in August 2019, His Excellency, President Muhammadu Buhari directed the Central Bank of Nigeria (CBN) to block food importers' requests for foreign currency in a bid to conserve scarce foreign exchange and boost local agriculture in Nigeria, Africa's most populous country.

This directive is a continuation of the President's policy thrust, amongst others, on assuming office in 2015; of banning access to foreign exchange to import 41 items, which included rice, cement, margarine, meat and processed meat products, poultry like chicken, eggs and turkey, amongst others.

References:

• Emefiele Lists Gains of FX Restriction on 41 Items; Outlines Projections for 2018 - Nov 12, 2017
• CBN Orders BDCs to Honour Letter of Credit Established Prior to Jun 23rd for 41 Items Ban for FOREX - Oct 23, 2015
• CBN's 41 'Not Valid for FOREX' Items & Their Sectoral Impacts - Jul 22, 2015
• PDF: CBN's 41 'Not Valid for FOREX' Items & their Sectoral Impacts  
• CBN May Increase Items On Forex Restriction List To 50 - Jan 21, 2019 
• Nigeria's Central Bank Adds Fertilizer To Its List of Imports Restrictions... - Dec 11, 2018
• Items Not Valid For Forex   - Central Bank of Nigeria - Jun 23, 2015  
• WebTV VIDEO: Discourse on HS Code, 41 items & Tax review in Nigeria

Following this action, in December 2018, fertilizer was added to the list bringing the total banned items to 42. In March 2019, the apex bank announced that commercial banks and bureau de change operators in the country should stop the sale of forex to importers of clothing materials.

More recently, at a meeting of its monetary policy committee (MPC), Mr. Godwin Emefiele, the Central Bank of Nigeria (CBN) governor, announced the bank's plans to restrict foreign exchange for milk importation.

Regulatory Conversation Impetus

This fourth regulatory conversation (RC 4.0) will focus on the Foreign Exchange restrictions policy of the present administration and its immediate impact on consumers, key players in the food sector and the Economy on the long run.

The RC 4.0 would provide the unique platform for regulators and representatives of the private sector to discuss the implications of such a policy for national economic development.

Regulatory Conversation 4.0 Meeting Details

Date:    

Tuesday, September 24th, 2019

Venue: 

The Incubator- 7/8 Chief Yesufu Abiodun Way, Off City of David Road, (same street with four points Sheraton), Victoria Island, Lagos

Time:    

9h30 Prompt (Registration/ networking starts at 9h00)

Target Participants:

Capacity for Two Hundred (200) participants comprising of Regulatory Agencies such as

CBN, MoJ, Director-General of MDAs, Private Sector actors such as Chief Executive Officersof Large/Medium/Small entities, Professional Services Firms, as well as othey players in the business community, media, and other related stakeholders.

Contact Details

Please feel free to contact

• Yinka Johnson (07013715571) yinka.johnson@cbinigeria.com; and
• Kitan Babalola (08067829272) kitan. babalola@cbinigeria.com 

Confirmation of Attendance Deadline:

On or before Monday, September 16^th, 2019.

CBi hopes, you will be able to take time out of your busy schedule to attend the forum. 

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