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The Central Bank of Nigeria (CBN) has said it will place foreign exchange (forex) restrictions on milk importers into the country.
Addressing reporters at the end of the bi-monthly Monetary Policy Committee (MPC) meeting in Abuja yesterday, CBN Governor, Godwin Emefiele lamented that between $1.2 billion and $1.5 billion are spent yearly to import milk into the country.
“We can no longer continue to spend close to $1.2 billion to $1.5 billion, importing milk into the country, a product we can produce. To some extent, they (milk importers) should help us also to reduce the rate of herders, farmers conflict,” he said.
The apex ban also said it will start the rejuvenation of moribund textile mills in the country.
Its Director incharge of Development Finance Department in Central Bank of Nigeria (CBN), Mrs Bademosi Tinuola, made the promise at the official commissioning of a garment company, “Xirea Apparels” by Buphalo company in Port Harcourt, the Rivers state capital, yesterday.
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