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CBN Bans Forex For Maize Importation

BY NKECHI NAECHE-ESEZOBOR--The Central Bank of Nigeria (CBN) on Tuesday directed banks to stop processing Forms M for the importation of maize with immediate effect.

This is contained in a circular published by the apex that the decision is part of efforts to increase local production, stimulate a rapid economic recovery, safeguard rural livelihoods.

The circular also said the move would increase jobs which have been lost as a result of the ongoing COVID-19 pandemic.

“Authorised dealers are hereby directed to discontinue the processing of Forms M for the importation of maize/corn with immediate effect,” it said.

“Accordingly, all authorised dealers are hereby requested to submit the list of Forms M already registered for the importation of maize/corn on or before the close of business on Wednesday, July 15, 2020.”

Other product for forex restrictions are : tomato paste, cement, poultry, furniture and roofing sheets.

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