Economy

Stop Processing Import Documents For Maize, CBN Orders Banks

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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