Nigeria’s central bank stops forex access for maize imports

Tope Alake and Rene VollgraaffLagos — Nigeria’s central bank has blocked access to foreign exchange for maize imports as it seeks to boost local farming output, even though the move is expected to add to already soaring food inflation.

The announcement is the latest effort by the central bank to shore up local agriculture and manufacturing in an economy that imports fuel, food and raw material for factories. The drop in the price of oil, which accounts for about 90% of Nigeria’s foreign-exchange earnings, means that hard-currency inflows have dried up, putting pressure on the naira and making inward shipments even more expensive.

The West African nation’s system of multiple exchange rates means that some importers will still access dollars on the parallel market, though at a much higher rate. That could push up the price of maize, adding to food inflation that’s already at a two-year high of 15%.

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