Financial experts have analysed how the Central Bank of Nigeria’s (CBN) recent lifting of forex restrictions on 43 items will affect food inflation in the country.

On Tuesday, the CBN removed the items from the forex prohibition list to increase production and support economic growth. Previously, importers could not access forex from official windows for the 43 goods.

According to economic analyst Adewale Safuru, the forex ban removal will crash food costs as import dependency for the newly exempted items is high. With forex access, competition will increase.

Safuru noted that imports account for 22% of foods consumed locally, so the impact will be significant. Prices of items like milk, cornflakes and spices are expected to drop rapidly and force down overall food inflation.

Agricultural expert Emmanuel Ijewere explained that the immediate benefit will be lower costs and market stability. However, he cautioned the forex liberalization could discourage investments in domestic farming of the 43 crops.

Economist Tunji Oyebanji also warned about the policy reversing self-sufficiency goals in critical agricultural produce covered by the lifted ban. He advised close monitoring to prevent abuses.

The experts stressed the need for balance, noting that while the forex ban lift can achieve short term price reductions, safeguards are vital to ensure local food production capacity is not hampered long term.

Key consumer goods highlighted as likely to see reduced prices include milk, cornflakes, starch, tomato paste, garlic, ginger and certain agricultural seeds. Nigerians continue to face high food costs amid broader rising inflation.

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