The Central Bank of Nigeria has threatened to blacklist individuals or firms smuggling items on the Central Bank’s forex restriction list.The Nigerian government has directed the Bank to blacklist firms or individuals smuggling the 43 items on the list into Nigeria. This is against the backdrop of the bank’s willingness to improve support to local production of agricultural commodities.
Lara Afolayan reports that governor of the Central Bank Of Nigeria meeting with palm oil producers and processors. This follows a presidential directive that smugglers of the forty three items on its forex restriction list, which includes plan oil, be blacklisted.
The apex bank has also been told by the executive to make financing support for the production of ten commodities a priority. Already thirty billion naira has been given as loans at nine percent interest rates to players in the Palmoil industry. More of such loans is to be given out.
The CBN feels with this intervention players in the palm oil industry have no excuse to smuggle the commodity into the country. Some players in the business believe the initiative will boost production.
But others feel the project should be made more inclusive so small scale operators , while constitute eighty percent of the palm oil producing population can benefit.
The apex bank’s credit support to the palm oil industry follows a meeting with governors of some producing states in March.