NACCIMA raises alarm on apex bank’s removal of FX restrictions on dairy products

The National President of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), Dele Oye, has kicked against the lifting of the foreign exchange restrictions the Central Bank of Nigeria (CBN) placed on the importation of milk and dairy products. Oye, in a statement, expressed concern over the potential ramifications of the policy change, especially against the backdrop of the Naira’s current depreciation and the inconsistencies observed in customs duty payment. While acknowledging the CBN’s efforts to refine trade policies in alignment with the evolving economic landscape, Oye warned that the move could result in the decline of local production.