Rice Still A Restricted Commodity Despite Forex Ban Lift – Customs

Despite the recent removal of the ban on foreign exchange for rice imports, the Nigeria Customs Service (NCS) has asserted that rice remains a restricted commodity. The rising cost of rice, currently selling for between N55,000 and N60,000 for a 50kg bag, has sparked concerns despite local production efforts.

The Central Bank of Nigeria lifted the forex ban on 43 items, including rice, but the NCS insists that rice is still a restricted item. Abdullahi Maiwada, the NCS spokesperson, emphasized that importing rice through land borders would lead to confiscation due to the restriction on the product.

Maiwada clarified that the removal of forex restrictions on certain items by the CBN does not alter the status of rice as a restricted commodity. He emphasized the need for accurate information on Nigeria’s rice production capacity and cautioned against misinterpretation of fiscal policies.

The NCS reiterated its commitment to implementing fiscal policies and stated that any changes in policy would be communicated to the public. While acknowledging the challenges faced by the government, Maiwada emphasized that Customs does not determine market prices.

The lifting of the forex ban on rice imports has not led to a significant drop in prices, and a source at the CBN highlighted the difficulty of securing forex for rice imports. The source mentioned challenges in obtaining approval for Form-A to import rice, indicating that the paucity of forex contributes to the restrictions on rice imports.

Kabir Ibrahim, the President of the All Farmers Association of Nigeria, attributed the soaring price of rice to the high cost of production rather than the fault of farmers. The concerns raised by the Nigeria Universities Nursing Students Association in Zamfara State about financial challenges echo the broader economic challenges faced by various sectors in the country.

The Nigerian government faces the task of addressing economic issues, ensuring efficient forex management, and supporting critical sectors like education and agriculture to promote sustainable development.