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Bank backs forex restriction on fertiliser

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The Executive Director, Business Development and Compliance, of Unity Bank, Usman Abdulqadir, has said the inclusion of fertiliser on the list of items restricted from accessing foreign exchange from the official central bank window is the right thing to do.

Abdulqadir, made this known in an exclusive interview with Daily Trust, saying it is a welcome development because the country needs to be self-sufficient and encourage local producers.


The CBN in a circular to dealers and the general public last week, said in the continued effort to sustain achievements recorded from the classification of 41 items as not valid for foreign exchange in the Nigerian foreign exchange window, authorised dealers and the general public were notified of an inclusion effective Friday, December 7.

Abdulqadir said: “Let us give great kudos to the Federal Government of Nigeria. The presidential fertiliser initiative has created a revolution in the fertiliser sector.

“There are mainly four components to produce NPK – two of the components we can produce locally, the other two, we have to import.

“So rather than import NPK, which has been pre-mixed, our soil requires the mix to be in slightly different ratios even within the country. You cannot approximate. If you are in the far north, the ratio is different from the middle belt and the south, So why don’t we blend ourselves,” he said.


https://www.dailytrust.com.ng/bank-backs-forex-restriction-on-fertiliser.html


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