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CBN Places Outright Forex Ban On Importation Of Maize

 

As part of efforts to increase local production, stimulate a rapid economic recovery, safeguard rural livelihoods and create jobs, the Central Bank of Nigeria (CBN), yesterday, discontinued the processing of Forms M for importation of maize/corn into the country.

Form M is a mandatory documentation process to be completed by all importers for importation of goods into Nigeria.

This was contained in a circular signed by O. S. Nnaji, its director, trade and exchange department.

The apex bank directed all authorised dealers to submit the list of Forms M already registered for the importation of maize/corn using a designated format on or before the close of business on Wednesday, July 15, 2020.

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It said it became necessary as many jobs have been lost as a result of the ongoing Covid-19 pandemic.

The circular said: “As part of efforts by the Central Bank of Nigeria to increase local production, stimulate a rapid economic recovery, safeguard rural livelihoods, and increase jobs which were 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.

“Accordingly, all Authorised Dealers are hereby requested to submit the list of Forms M already registered for the importation of Maize/Corn using the attached format on or before the close of business on Wednesday July 15, 2020. Please ensure strict compliance.”

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The CBN in 2015 excluded importers of some food items from accessing foreign exchange in order to encourage local production of such items.

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