CBN Halts Importation Of Maize

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The Central Bank of Nigeria (CBN) has directed all authorized dealers to discontinue the processing of Form M for  importation of maize with immediate effect.

The Bank’s directive is contained in a circular signed and issued to newsmen in Abuja, by Director of Trade and Exchange Department Dr Ozoemena Nnaji.

The Apex bank wants all authorized dealers to submit the list of form M already registered for the importation of maize.

The Bank enjoins dealers concerned to do so on or before close of business on Wednesday, 15th, July 2020..

It explains that the step was part of CBN’s efforts to increase local production and stimulate a rapid economic recovery.

The Bank notes that the measure was to also safeguard rural livelihood and increase jobs which has been lost due to the ongoing COVID-19 pandemic.

Form M is a mandatory statutory document meant for importation of goods into the country.