foreign exchange used for the importation of food products into Nigeria from January to August this year rose to $1.41bn despite the directive that the Central Bank of Nigeria should stop issuing forex for food and fertiliser imports.
“Nobody importing food should be given money,” he was quoted as saying in a statement from the Senior Special Assistant to the President on Media and Publicity, Garba Shehu. The COVID-19-induced slump in crude oil prices in 2020 hammered government finances and the naira, causing dollar shortages, with the external reserves falling to as low as $33.43bn on April 29, 2020.
The forex utilised for food imports also dropped to $3.42bn in 2015 from $5.03bn in 2014. It dipped further to $1.79bn in 2016 and $1.51bn in 2017 but increased to $2.31bn in 2018.
Despites border closure...
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