CBN imposes ban on importation of fertilizers

The Central Bank Of Nigeria (CBN) has said all authorised dealers of fertilizer in the country are now prohibited from accessing foreign exchange for the importation of all NPK fertilizers.

This was according to a circular signed by the Director of Trade and Exchange Department of CBN, A.S jibrin.

Jibrin said any dealer that tries to access foreign exchange to import the product shall be severely sanctioned, including the management and staff are responsible for the transaction.The CBN explained that there are 22 fertilizer blending plants in the country, 18 of which are adequately being funded by the apex bank. It said the indiscriminate importation of fertilizer into the country poses a threat to the agricultural sector. It would be recalled that the bank in December 2018 issued a circular stating that all fertilisers will be added to its existing list of 41 items banned from being imported into the country.