Central Bank of Nigeria bans forex for maize importation

The Central Bank of Nigeria (CBN) has directed Banks to stop processing Forms M for the importation of maize with immediate effect.

CBN made this order on Monday 13th July, saying that the decision to ban forex for maize importation was made to increase local production, stimulate a rapid economic recovery, safeguard rural livelihoods.

CBN further stated that the decision would increase job opportunities to compensate job lost as a result of the ongoing COVID-19 pandemic.

Part of the statement reads:

“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 on or before the close of business on Wednesday, July 15, 2020.”