ANAN supports forex cut on food importation

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Dr Samuel Nzekwe, a former president of the Association of National Accountants of Nigeria (ANAN), has commended  President Muhammadu Buhari for directing the Central Bank of Nigeria (CBN) to stop allocating foreign exchange for food importation.

Nzekwe gave the commendation in Ota, Ogun.

The president had on Tuesday in a statement by Malam Garba Shehu, a presidential aide, directed the apex bank to stop granting forex for food importation into the country.

The ANAN president said that the Federal Government’s decision to put a halt to the practice was a welcome decision which would go a long way in stabilising the economy and freeing forex for more crucial items.

“The nation is currently facing insecurity and others challenges which had prevented farmers from going to the farm.

“A shortfall in the production of those banned food items could create another problem for the country,” he said.

Nzekwe stressed the need for government to urgently address the security challenge in the country to ensure that food insufficiency that could hinder the implementation of the forex ban was tackled.