The Central Bank of Nigeria (CBN) says its ban on the importation of all NPK fertilizers and any other variant remains in force.
According to the circular signed by A.S. Jibrin, for the Director, Trade and Exchange Department, the apex bank will henceforth punish any authorized dealers in foreign exchange that establishes Forms ‘M’ for the importation of NPK fertilizers and any other variant.
According to the CBN, the circular titled “prohibition of registration of Forms ‘M’ for the importation of fertilizers,” dated January 30, 2020, is further to a previous circular referenced: TED/FEM/FPC/GEN/01/006 of December 10, 2018.
Specifically, the circular warned that such authorized dealer “shall be severely sanctioned, including the management and staff responsible for the transaction.”