CBN bans importation of maize

EHIME ALEX, Lagos 

The Central Bank of Nigeria (CBN) has discontinued the processing of Forms M for importation of maize/corn into the country to stimulate a rapid economic recovery.

The apex bank on Monday put a stop to the process through a circular it issued to all authorised dealers/general public on the subject-matter “Importation of Maize/Corn”.

In the circular signed by O. S. Nnaji, its director, trade and exchange department, CBN 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.

Stating that the move is part of efforts to increase local production, stimulate a rapid economic recovery, safeguard rural livelihoods and create jobs.

“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,” the circular read.

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

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