Sugar, Biscuit, Bread, Wheat Will Be Expensive In Few Days(SEE WHY)

Posted by E.L.E.X on April 19 2021 under News

The Central Bank of Nigeria (CBN) has announced on Friday, April 16, 2021 its plans to soon ban importers of sugar and wheat from accessing Nigeria’s formal foreign exchange markets.

In a tweet announcing the imminent policy, the CBN announced that Nigerians need to work to certify these food items are produced locally.

What this means when implemented is that wheat and sugar importers won’t be able to fount for foreign exchange from the Nigerian foreign exchange market to bring these items into the country anymore.

Therefore, those who are into the business of wheat and sugar importation will have to get it for a higher price in a black market.

So instead of getting FX at the official rate of let’s N320, they will have to get at whatever price it is given at the black market.

This makes the prices of the items and its derivatives in retail markets costlier than usual.

Staple foods such as bread, flour, noodles, biscuits, cakes, pastries, seasoning, and many more are made from wheat and sugar, and this could rise in the coming days once the policy is implemented.

But The Big Question Is, Can This Really Be Effective?

In 2015, CBN announced such restriction on a number of items including Rice, Cement, Margarine, Palm kernel, Meat, and processed meat products, Vegetables and processed vegetable products, Poultry – chicken, eggs, Turkey, Private airplanes/jets, Indian incense, Tinned fish in sauce (Geisha)/Sardines, Cold rolled steel sheets, Galvanised steel sheets, and many others, noting that it would help conserve foreign exchange and encourage local production.

While the whole idea behind the CBN’s initiative is for the country to produce most of what it consumes.

The question that remains among the economist and the citizens is Can Nigeria Actually Produce These Food Items That Are Listed By The CBN On The FX Restriction?

YOU MAY ALSO LIKE

Former Minneapolis police officer Derek Chauvin is scheduled to be sentenced on June 16 after his conviction for the murder of George Floyd, a Minnesota court said on Friday, April 23 (SEE DETAILS)

A video making rounds online has shown some Pro-Buhari protesters who surrounded the Abuja House in London leaving the premises after being booed by Anti-Buhari protesters (WATCH VIDEO)

One of the kidnapped students of Government Science College in Kagara, Niger state says the bandits who abducted us said the government promised them something during election (Video)

Mechanic Loses Customer’s Car During Sex Romp At A Brothel (Photo)

Twitter users divided over trending Whatsapp conversation between a lady and her prospective employee

Comments

Add Comment

All fields are required!