CBN bans FX for maize importation

The Central Bank of Nigeria (CBN) has directed banks to stop processing Forms M for the importation of maize with immediate effect.

Monday 13, the Central Bank of Nigeria said its decision is part of efforts to increase local production, stimulate a rapid economic recovery, and safeguard rural livelihoods.and create jobs. Many jobs have been 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,” it said.

“Accordingly, all authorised dealers are hereby requested to submit the list of Forms M already registered for the importation of maize/corn on or before the close of business on Wednesday, July 15, 2020.”

The CBN has been working together with the Muhammadu Buhari-led administration to improve local production and reduce dependence on imported goods.

In March 2019, the apex bank commercial banks and bureaux de change operators to stop the sales of imported fabric and textiles in the country.

This is in addition to a list of tomato paste, cement, poultry, and furniture and roofing sheets.

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