The Central Bank of Nigeria (CBN) has restricted the issuance of foreign exchange to BUA Sugar Refining Limited, Dangote Sugar Refining Plc, and Golden Sugar Company, for the importation of sugar.
This was stated in the apex bank’s circular distributed to all Authorised Dealers on Friday, noting exception must be with its express permission.
The circular which was signed by the Director of Trade and Exchange, Dr Ozoemena Nnaji, reads in part; “The federal government of Nigeria under the National Sugar Development Council established the Nigeria Sugar Master Plan to encourage and incentivise sugar refining companies in their Backward Integration Programme (BIP) for local sugar production.
“Accordingly, the underslisted three companies, who have made reasonable progress in achieving backward integration in the sector, shall only be allowed to import sugar into the country.
“In view of the foregoing, Authorised Dealers shall not open Forms M or access foreign exchange in the Nigerian foreign exchange market for any company including the three listed above for the importation of sugar without prior Express approval of the CBN as the bank is charged with the mandate of monitoring the implementation of the backward integration programme of all companies.
“Please ensure strict compliance.”