‘Restriction!’ CBN curtails sugar importation to Dangote, Flour mills, BUA

Consequently, the CBN said all authorized dealers shall not open Form M or access foreign exchange in the Nigerian foreign exchange market for any company, including the three companies, for the importation of sugar into the country without prior and express approval from it.

Under the Nigerian Sugar Master Plan by the Federal Government through the National Sugar Development Council, the CBN is mandated to monitor the implementation of the backward integration programmes of all the companies.