The Central Bank of Nigeria (CBN) today announced the ban on the processing of form M for the Importation of Maize (Corn).
The ban was contained in a CBN circular addressed to all authorized dealers in the foreign exchange market and the general public. The circular was signed by CBN’s Trade and Exchange Department Director, Dr. S.O. Nnaji.
The circular reads: 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.
The CBN further requested that àll form M that has been processed registered should be submitted the latest July 15, 2020.
“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″.