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CBN defends forex ban on stockfish importation

THE Central Bank of Nigeria, has said that the foreign exchange restriction imposed on importation of stockfish was to resuscitate the domestic fishery industries, conserve foreign exchange (forex), and improve employment generation.

This follows revelations by the Norwegian Seafood Council that stockfish import to Nigeria from Norway declined by 5.9 percent to N3.2 billion in 2022 from N3.4 billion in 2021.

The Council has revealed that 10,740 metric tons of stockfish, comprising both the head and bodies were imported into the country in 2022, behind 14,997 and 13,845 metric tons of mackerel and herrings imported during the same period.

Speaking at the just concluded Norwegian Seafood Seminar held in Lagos, Director of Trade and Exchange Department for the CBN, Dr Ozoemena Nnaji, said that the apex bank had to include stockfish among the 43 items that have been restricted from accessing Forex due to the scarce foreign exchange currently being experienced in the country.

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