The Central Bank of Nigeria (CBN) has placed a restriction on companies seeking to buy foreign currency for the importation of milk and dairy products, adding to a long list of products the central bank has banned from importation.
The restrictions will however not affect six selected companies.
The CBN in statement posted on its website on Tuesday said the six exempted companies had begun investments in local production of milk.
It said, “As part of efforts to increase local production of milk, its derivatives and dairy products, the Central Bank of Nigeria has engaged with some companies in the industry who keyed into the bank’s backward integration program to enhance their capacity and improve local milk production.”
The statement further reads, “Accordingly, all authorised dealers are to note that all Forms ‘M’ for the importation of milk and its derivatives shall only be allowed for the following companies: Friesland Campina WAMCO Nigeria, Chi Limited, TG Arla Dairy Products Limited, Promasidor Nigeria Limted, Nestle Nigeria Plc (MSK only) and Integrated Dairies Limited.
