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By Lydia Ngwakwe
Lagos:  The Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, has clarified that the 43 items were never explicitly prohibited from importation or sale in Nigeria.

Cardoso gave this clarification at the 58th Annual Bankers’ Dinner organised by the Chartered Institute of Bankers of Nigeria (CIBN) on Friday in Lagos.

He, however, explained that the apex bank had implemented restrictions on accessing foreign exchange for the importation of these items.

Cardoso emphasised that the issue of trade policy, specifically the importation and sale of the 43 items, was primarily within the domain of the fiscal authorities, not the CBN.

This distinction, he said, was important because it clarifies that the CBN’s decision to lift the foreign exchange restrictions on these items was not intended to encroach upon the responsibilities of other government agencies.

The News Agency of Nigeria (NAN) reports that the CBN had in a circular in June 2015, published a list of imported goods and services that will not be eligible for foreign exchange in the Nigerian foreign currency market.

The list which was originally 41 was updated to include two more items.

But the CBN precisely on Oct. 12 2023, announced that it had lifted the ban on the issuance of foreign exchange for the importation of rice, vegetable oil, and poultry products among other 43 items.

Cardoso said, “Allow me to provide further clarification on the issue of the 43 items.
“Firstly, it is important to note that these items were never outrightly banned by the government.

“The CBN had imposed restrictions on their access to foreign exchange in the official market.

“However, these restrictions resulted in increased demand for foreign exchange in the parallel market, leading to the depreciation of the exchange rate in that segment of the Nigerian Foreign Exchange Market and widening the premium between the parallel and official market.’’

Cardoso said studies had shown that during the period when the 43 items were restricted, there was a 51.0 per cent increase in trade evasion by importers accessing the foreign exchange market.

According to him, this resulted in a revenue drop of approximately $1.4 billion, or $275 million annually, between 2015 and 2019.
Cardoso added that revenue from tariffs on goods decreased from a high of approximately $920 million in 2011 to about $250 million in 2017.
“In 2019, the actual tariff on goods stood at $320 million, but counterfactual evidence suggests that as much as $680 million could have been earned in the same year,” he said.
He added that evidence had shown that foreign exchange restrictions had an adverse impact on Nigerian households and contributed to inflationary pressures.
Cardoso said the reduction in trade restrictions and levies on rice, sugar, and wheat by 50.0 per cent had only a minimal impact on welfare, with a 0.8 per cent improvement, and a mere 0.4 per cent reduction in extreme poverty.
Cardoso explained that the benefits of trade gains for the general population were negligible, as the average industry in Nigeria pays 13.7 per cent more for its inputs.
According to the CBN, this action will boost liquidity in the Nigerian foreign exchange market and intervene from time to time, adding that interventions will decrease as liquidity improves.

Meanwhile, a former CBN Director, Prof. Akpan Ekpo, told NAN that the apex bank made a big error by opening up the foreign exchange market.

He said, “It is an error because the dollar, pound and euro is not our money, we only get dollars when we sell oil mainly.

“Our economy is not productive and we don’t have firms that manufacture non-oil goods services, export them and earn forex.

“So, our naira is not convertible, in that case every country like ours will have what they called managed float.

“So when you come and put in more dollars because you have gotten more forex, these are very short term measures, they are not sustainable, so the problem is a supply and access problem,’’ he said.(NAN)(www.nannews.ng) /Flowerbudnews

By Blessing Odega

Jos:   NAFDAC has seized expired, but revalidated pharmaceuticals worth N15 million from a pharmacy in Jos.

It has also seized unregistered alcoholic beverages worth more than N30 million from shops in the Plateau capital and in nearby Bukuru metropolis.

Director, NAFDAC North Central Zone, Mr Shaba Mohammed, said on Thursday in Jos that the agency had earlier received reports that the pharmacy sold expired drugs.

It tampers with expiry date markings on pharmaceuticals to revalidate their shelf lives, he said.

Mohammed explained that during NAFDAC’s raid, it found a room in the pharmacy packed full of drugs with their expiry dates cleaned off, awaiting the imprint of new dates.

“During the raid, we discovered that the pharmacy has a room were expired dates were cleaned off and the drugs revalidated.

“These pharmaceuticals consist of both oral and injectable,’’ he said.

NAFDAC has sealed the pharmacy and has arrested the pharmacist who failed to produce his current licence to practice as a pharmacist and the current operational licence of the pharmacy itself.

Mohammed cautioned the public against buying pharmaceuticals from unregistered pharmacies.

He added that complaints about drugs should be made speedily to the nearest NAFDAC office or through a call to telephone number: 08033034666.

He also cautioned consumers of drinks and packaged foods to always look out for NAFDAC registration numbers on such products.

Mohammed assured that raids on pharmacies and shops in Plateau would continue until the state is rid of unwholesome products. (NAN) (www.nannews.ng) /Flowerbudnews

By Flowerbudnews

Enugu: The National Agency for Food and Drug Administration and Control (NAFDAC) has warned manufacturers, shop owners of foods, cosmetics, drugs and medical devices against obstructing itsofficials during inspections.

Mr Martins Iluyomade, NAFDAC South-East Director gave the warning during the South East Zone Stakeholders Engagement Forum on Thursday in Enugu.

He said that the Food and Drug Act gave NAFDAC officials the power to enter premises any time without warrant search.

According to him, the person who contravenes the provision of the Act is liable to conviction.

“The law gives the provision that any proceed made from the sale of unregistered product will be forfeited to the Federal Government,” he said.

Mr Victoria Akudo, Servicom Officer, said that Servicom was all about service delivery and customers satisfaction.

According to Akudo, the service by the Agency must be timely, transparent and have quality.

“Servicom only protect you when you do the right thing. When a process is taking time unduly or when you are not satisfied with the services, Servicom comes in,” she said.

The Principal Regulatory Officer, Mrs Ogechi Ude, who spoke on Post Marketing Surveillance, said that it was the regulatory function of the Agency that involved in the assessment of the quality of all NAFDAC regulated products throughout their shelf life.

Ude urged the stakeholders in the food, drug and cosmetics etc to source and buy registered products, adding that they should train their workers to always check products when they were closed to expiration date.

She said that NAFDAC had deployed cutting edge technologies to fight against substandard and falsified products.

Mrs Paschaline Ibiam, the Assistant Chief Regulatory Officer, who spoke on good manufacturing and hygiene practices, urged them to be consistent in whatever they are manufacturing.

According to Ibiam, staff of manufacturers should have access to medical treatment, while staff for packaging labelling system should be properly trained.

Dr Cletus Harrison, NAFDAC Regulatory Officer. said that the Agency’s Automated Product Administration and Monitoring System (NAPAMS) is where registration is done online.

Harrison urged the stakeholders to have a personal email address for proper communication with the agency as registration could now be done with their phones.

One of the stakeholders, Mr Emmanuel Eze, expressed joy over the forum, while urging NAFDAC to be organising the programme at least two times a year.

The forum is a two days event, the second day would involve the pharmaceuticals stakeholders within the zone. (Flowerbudnews)