Stop Processing Import Documents For Maize, CBN Orders Banks

Stop Processing Import Documents For Maize, CBN Orders Banks

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Post Views: 93 The Central Bank of Nigeria (CBN), on Monday, ordered the nation’s banks to immediately discontinue the processing of Forms ‘M...

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The Central Bank of Nigeria (CBN), on Monday, ordered the nation’s banks to immediately discontinue the processing of Forms ‘M’ for the importation of maize/corn

This, the apex bank said in a circular to all authorized foreign exchange dealers, is part of efforts “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.”

The circular signed by Dr. O.S. Nnaji, Director, Trade & Exchange Department of the CBN, also requested all authorized dealers to submit the list of Forms M already registered for the importation of the commodity, before the end of Wednesday, July 15, 2020.

According to the United State Department of Agriculture (USDA), Nigeria imported a total of 400,000 metric tons of maize each in 2019 and the prior year 50mt in 2008.

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