This archive report was first published on 14 August 2019.
On August 13, 2019, Nigerian President Muhammadu Buhari instructed the Central Bank of Nigeria to cease providing funding for food imports, according to his spokesman.
Since Buhari took office in 2015, the central bank has implemented policies to stimulate growth in the agricultural sector and reduce Nigeria's dependence on oil.
These policies included a 2015 ban on foreign exchange access for 41 items that the bank deemed could be produced domestically.
As stated in a Tuesday statement, President Buhari directed the Central Bank of Nigeria to stop providing foreign exchange for food imports, aiming to conserve the country's foreign reserve and promote economic diversification.
"The foreign reserve will be conserved and utilised strictly for diversification of the economy, and not for encouraging more dependence on foreign food import bills," the statement read.
Buhari has been a vocal supporter of such restrictions and reappointed the central bank governor after his re-election in February.
