CBN Halts Importation of Maize to Boost Economic Recovery

Posted by African Examiner African News, Featured, Latest Headlines, News Across Nigeria, News From The State Friday, July 17th, 2020

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

The CBN made this known Thursday in a circular signed in Abuja by its Director of Trade and Exchange Department, Dr Ozoemena Nnaji.

Form M is a mandatory statutory document to be completed by all importers for importation of goods into the country.

Consequently, CBN directed all authorised dealers to submit the list of form M already registered for the importation of maize.

The bank enjoined the dealers concerned to do so on or before close of business next Wednesday.

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

Nnaji added that the measure was also to safeguard rural livelihood and increase jobs which had been lost due to the ongoing COVID-19 pandemic.

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