Nigeria bans maize importers from accessing forex

CBN says maize importers’ ban to boost local production

Nigeria’s central bank has added maize importation to the 41 items previously prohibited from access to foreign exchange.

In a circular issued on Monday, the Central Bank of Nigeria, CBN directed foreign exchange dealers to stop processing ‘Forms M’ for the importation of maize in order to boost local production.

In the circular titled ‘Importation of corn’ and signed by Dr. O.S Nnaji, Director, Trade, and Exchange Department, the CBN asked all authorised dealers to submit the list of Forms M already registered for the importation of Corn to the apex bank before July 15.

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“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 circular said.

It added: “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.”