Nigeria Customs Service Maintains Rice as Restricted Commodity Despite Forex Ban Lift

The Nigeria Customs Service maintains rice as a restricted commodity despite the recent lifting of the forex ban for its importation. Despite local production, rice prices have surged, reaching between N55,000 to N60,000 for a 50kg bag, compared to N30,000 a year ago.

The Central Bank’s decision to lift the ban on 43 items, including rice, hasn’t curbed the price hike. The NCS emphasizes that rice remains restricted, leading to limited imports and confiscation at land borders.

While the high cost of production is cited, the customs service asserts that it doesn’t influence market prices but implements fiscal policies. The CBN acknowledges the challenge of securing forex for rice imports, contributing to the scarcity and continued high prices.

The All Farmers Association of Nigeria attributes the soaring prices to production costs rather than farmer actions.