No Forex for Importers of Maize, Says CBN

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The Central Bank of Nigeria (CBN) Monday in a circular told dealers of foreign exchange to end processing of Form M for importation of maize into the country.
The circular which was signed by the Director, Trade and Exchange Department, CBN, Dr O.S. Nnaji and titled ‘Importation of maize/corn’, said the measure was to encourage local production of the grain.
Part of the circular 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 2020. 15, July Wednesday close of business on”


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