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 an interview with the News Agency of Nigeria in Ota, Ogun, on Wednesday.
Recall that t Mr Buhari had on Tuesday in a statement by 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.
He, however, urged the Federal Government to be cautious in the implementation of the directive while also ensuring that the nation produces enough food for local consumption.
Mr Nzekwe noted that a situation where imported foods on the list of banned items were not met by local production may cause some discomfort in the country.
“The nation is currently facing insecurity and other 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.
Mr Nzekwe stressed the need for the 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.