The Lagos Chamber of Commerce and Industry (LCCI) has lauded the Central Band Of Nigeria (CBN), even as it called for a complete exclusion of diary sector from the Foreign Exchange market.
This is coming few days after the CBN approved only six diary companies operating in the country for the importation of milk products and its derivative.
Shipping Position Daily recalls that the Director Trade and Exchange Department of the CBN, Dr. Ozoemena Nnaji on Tuesday in Abuja listed only six companies as the only eligible to access Form ‘M’ for milk importation.
Nnaji explained that the development was in line with its objective to increase and improve local production of milk, it's derivatives and other dairy products in the country.
Reacting to this, the Director General of LCCI, Mr. Muda Yusuf added that the chamber does not have much information on the development.
"This position is much better than the earlier contemplation of a complete exclusion of the diary sector from the forex market"
"The CBN claims that the criteria used was the backward integration commitments of the stakeholders in the sector. We don't have much information on this and would therefore not be a position to interrogate the basis of selection", he concluded.