CBN moves to impose forex restriction on wheat, sugar importation

forex restriction

CBN to impose forex restriction on wheat, sugar importation     The Central Bank of Nigeria (CBN) is set to impose forex restrictions on the importation of sugar and wheat into the country, a move believed to be one of the government’s objectives to encourage local production of the commodities and push its economic diversification project. Godwin Emefiele, governor of the apex bank, made mention of the ban during an inspection tour of the proposed $500 million Dangote sugar processing facility in Nasarawa State on Thursday, April 15. According to…

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Sugar prices bearish on weak global demand for cane sugar

Sugar prices bearish on weak global demand for cane sugar

By FDC Analysts   Brent fell by 4.54% to $63.03pb after a rally in the last few days. Traders are concerned about possible output increases by OPEC+ or rogue members. The meeting of Thursday will most likely leave output unchanged. The decline in Brent should help assuage fears of a rumored N200 per liter PMS price potential if the surge in crude prices continues. Nigeria’s main cocoa crop has received a major boost from a prolonged harvest in Ondo state (Nigeria’s largest producer) as the harvest season winds down. Extra…

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Nigeria to import N319.8bn raw sugar from Brazil

Sugar prices bearish on weak global demand for cane sugar

Nigeria to import N319.8bn raw sugar from Brazil   There are indications that Brazil would supply 80 per cent or 1.44million tonnes of raw sugar valued at N319.85 billion ($680.55million) to Nigeria in 2021. Nigeria is currently battling with sugar production deficit of 1.81million tonnes valued at $850.7 million as global price surges to $407 per metric tonnes. Brazil’s production has already increased by more than 44.2 per cent to meet demand from Nigerian and other buyers. It was gathered that high sugar price in 2021 would further encourage producers…

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