Nigeria’s apex bank, the Central Bank of Nigeria, has disclosed plans to ban firms found to have smuggled any restricted items into the country.
Speaking at a meeting with palm oil producers in Abuja, the Governor of the Central Bank of Nigeria, Godwin Emefiele, said that the directive handed down by the presidency is aimed at growing and providing support to firms and individuals that want to increase the production of ten different commodities in Nigeria, including palm oil production.
“We must expand and seek to give support to people who want to expand the production of this product in Nigeria,” Emefiele stated.
He further explained that the apex bank has begun inquiries into the accounts of some producers, involved in importation palm oil into the country.
“Our economic intelligence department has started investigating the accounts of some of you involved in smuggling or dumping palm oil into Nigeria.
“We feel that before any actions are taken against, in terms of blocking you from the foreign exchange market or blacklisting you from doing banking in Nigeria, we must invite you to say that we are drawing a line and that importation of palm oil in Nigeria must stop,” he said.
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