CBN Gives Reasons For Banning Importation Of Maize

By Olamilekan Alani

The Central Bank of Nigeria (CBN) has explained why its directed all authorized dealers to discontinue the processing of Form M for the importation of maize with immediate effect.

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

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

The CBN made this known in a circular signed by Dr Ozoemena Nnaji, the Director of Trade and Exchange Department of the apex bank in Abuja.

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

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