The Central Bank of Nigeria (CBN) has directed all authorised dealers to immediately discontinue the processing of Forms M for maize/corn importation into the country.
The CBN gave this directive in a notice that was addressed to authorised dealers and signed by the CBN’s Director in charge of Trade and Exchange Department, Dr O.S Nnaji.
The apex bank highlighted four main reasons for the directive to discontinue maize importation into the country.
The stated reasons are:
- To increase local production
- To stimulate a rapid economic recovery
- To safeguard rural livelihoods
- To increase jobs
In line with this, all the authorised dealers have been told to return all the Forms M they have already registered for the purpose of importing maize. They are to return the forms on or before Wednesday, July 15, 2020.
The notice shared by the Apex bank reads:
“As part of efforts by the Central Bank of Nigeria 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, Authorised Dealers are hereby directed to discontinue the processing of Forms M for the importation of Maize/Corn with immediate effect.
“Accordingly, all Authorised Dealers are hereby requested to submit the list of Forms M already registered for the importation of Maize/Corn using the attached format on or before the close of business on Wednesday, July 15, 2020. Please ensure strict compliance.”
Earlier in the year, the CBN added milk and dairy products to the list of items not eligible for forex. However, the bank exempted six companies from the restriction. The exempted companies have begun investments in local milk production as part of the central bank’s backward integration plan.