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CBN Bans Foreign Exchange For Maize Importation

The Central Bank of Nigeria (CBN) has asked foreign exchange dealers to stop processing ‘Forms M’ for maize importation, in order to boost local production.

This was contained in circular titled ‘Importation of maize/corn’, released on Monday by the CBN to all authorized dealers and the general public.

The circular, signed by the Director, Trade and Exchange Department, CBN, Dr O.S. Nnaji, said; “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, authorized 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 15th 2020.”

The ‘Form M’ is a mandatory statutory document to be completed by all importers for the importation of goods into Nigeria. Without this form, importation of goods into Nigeria cannot be approved

The documentation process is done by the CBN and the Nigeria Customs Service.