Zenith Bank Adheres to CBN Forex Restriction Directive on Milk Importation

By UDO ONYEKA

Zenith Bank Plc, has said that only companies approved for the importation of milk, its derivatives, and dairy products by the Central Bank of Nigeria, CBN, will access foreign exchange from the bank.

It said for the avoidance of doubt, all established Forms M for the importation of milk and its derivatives for companies other than the approved companies for which shipment has not taken place shall be canceled immediately.

The bank in a circular released recently said that : “As part of efforts to increase local production of milk, its derivatives and dairy products, the Central Bank of Nigeria, CBN, has engaged with some companies in the industry that have keyed into its backward integration programme to enhance their capacity and improve local milk production.

“Subsequently, the CBN through its circular dated February 11, 2020, has approved that the processing of Forms ‘M’, in respect of the importation of milk and its derivatives, shall only be allowed for the following companies: FrieslandCampina WAMCO Nigeria; Chi Limited; TG Arla Dairy Products Limited; Promasidor Nigeria Limited; Nestle Nigeria PLC (MSK only) and Integrated Dairies Limited. Thank you for your continued patronage and be assured of our best services at all times,” the bank said.