CBN Bans Forex For Maize Importation

Forex For Maize: The Central Bank of Nigeria (CBN) have directed banks to stop processing Forms M for the importation of maize with immediate effect.

 

The CBN who made this order on Monday July 13, said the decision to ban Forex for maize importation was to increase local production, stimulate a rapid economic recovery, safeguard rural livelihoods.



The apex bank further stated that the decision will would increase jobs which have been lost as a result of the ongoing COVID-19 pandemic.

 

The statement partly reads –

 

“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 on or before the close of business on Wednesday, July 15, 2020.”

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