Why Buhari Ordered CBN To Ban Forex For Food And Fertilizer Import – Presidency

The presidency has defended the action of President Muhammadu Buhari who banned the Central Bank of Nigeria (CBN) from making foreign exchange available for the import of fertilizer and food.

Presidential spokesperson, Garba Shehu explained on Friday that Buhari took the action in the best interest of the country.

Naija News recalls President Buhari on Thursday, reiterated that foreign exchange will not be made available to anyone that wants to import food or fertilizer into Nigeria.

This is as the President noted that instead of making foreign exchange available for such activity, local farmers and producers will be encouraged and empowered.

Mr Shehu while speaking when he appeared as a guest on Channels Television’s Sunrise Daily said the President’s action is to boost agriculture and local production in the country.

“Nigerians must give consideration for the fact that the President’s directive to the CBN is driven by nothing other than a patriotic motive,” the presidential media aide said.

He added that the President’s action doesn’t translate to interfering in the activities of the CBN as he noted that Buhari’s action doesn’t constitute political interference.

“I am not sure there is anywhere in the world that the Central Bank is So independent that it will operate as foreign ownership”.