CBN Governor, Emefiele

The Central Bank of Nigeria, CBN has imposed foreign exchange restriction on the importation of milk into the country.

According to the CBN, the decision was in line with its objective to increase the local production of milk, its derivatives and other dairy products.

This was contained in a circular issued by the Director, Trade and Exchange Department, Dr. Ozoemena Nnaji yesterday.

The apex bank however exempted six companies from this restriction and gave them approval  to continue the importation of milk and other dairy products. They are: FrieslandCampina WAMCO Nigeria; Chi Limited; TG Arla Dairy Products Limited; Promasidor Nigeria Limited; Nestle Nigeria Plc and Integrated Dairies Limited.

The circukar further stated that all established Form “M” for the importation of milk and its derivatives for companies other than the above for which shipment has not taken place should be cancelled immediately.

The Director, Corporate Communications Department at the CBN, Mr. Isaac Okorafor, explained that the bank engaged the six companies because they showed sufficient willingness and ability and had keyed into the CBN’s backward integration programme to enhance their capacity and improve local milk production.

He also said that the objective of the CBN was to increase milk production in the country from the current figure of 500,000 metric tonnes to about 550,000 metric tonnes within the next 12 months.