Ngozi Amuche
Federal government on Friday directed the Central Bank of Nigeria to stop issuing forex for food importation across the nation.
The statement regarding the issue was made by the spokesperson of the president of the country, and it is not the first time that President Muhammadu Buhari made similar orders.
Just last year, Buhari made an announcement of the same sort, but the bank only partly followed his orders. As of today, even after the order of last year, some food importers still received foreign exchange.
However, the new directive will completely ban such a thing in the country. As a result of this, no imported food or fertilizers will be provided foreign currency.President Buhari has always been very vocal about this matter. Since his election back in 2015, he worked very hard to cut imports, especially when it comes to agricultural products. The main purpose of this step is to expand the farm sector of the country and make it more successful.
In recent years, especially the new generation of the country got very involved in the world of Forex. In the country, it is the central bank that is the biggest player in the Forex exchange business of Nigeria. It regulates and controls the whole market and sets out rules on how to take part in it.
To make it more popular among the younger generation of the country, there are many Forex brokers who offer Nigerian investors special promotions, such as bonuses.
To make it a lot easier for locals to start trading, a very famous FX broker called XM offers Nigerian Forex traders the XM no deposit free bonus, which allows Nigerian citizens to start investing in the Forex market without having to make deposits with their own money.
There are many people who use this type of bonuses because it makes it a lot easier for them to become part of this very diverse and interesting market.
Many people in Nigeria use this opportunity to learn more about trading and start investing without having to risk their own funds.
Although the President and the leadership of the country are adopting these regulations to make sure that the local currency stabilizes, the situation is getting very hard.
The ban on imports on products like rice, for example, have resulted in a huge increase in prices, which ended up creating a very frustrating situation in the country.
Despite the double-digit inflation that the country faces, Nigeria’s foreign services have been bettered as the Central Bank starts to spend billions of dollars on programmes such as propping up the local currency of the country, Naira.