CBN to ban importation of maize

Nigeria’s apex bank, the Central Bank of Nigeria (CBN) has directed all authorized dealers to discontinue the processing of Form M for the importation of maize with immediate effect.

The CBN gave this directive in a circular signed by its Director of Trade and Exchange Department, Dr Ozoemena Nnaji in Abuja, the nation’s capital.

Form M, as reliably gatherer, is a mandatory statutory document to be completed by all importers for importation of goods into the country.

The bank directed all authorised dealers to submit the list of form M already registered for the importation of maize.

The apex bank, however enjoined the dealers concerned to do so on or before close of business on Wednesday.

It explained that the step was part of CBN’s efforts to increase local production and stimulate a rapid economic recovery.

The bank noted that the measure was to also safeguard rural livelihood and increase job which had been lost due to ongoing COVID-19 pandemic.