Buhari is mulling the prospects of a prohibition of forex for food imports into Nigeria. This is ostensibly to foster food self sufficiency and inclusive growth in agriculture. The flip side of the coin is that he, by these measures, is creating a smugglers paradise and chasing pies in the sky.
Food importation in Nigeria is grossly exaggerated and the naira is likely to weaken in the parallel market in Q4. The only saving grace may be a rally in the oil markets in September.
In the slides, these and other issues were discussed on the Channels TV Business Morning programme today.
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