CBN moves to ban importation of maize

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

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.

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

The apex bank directed all authorised dealers to submit the list of form M already registered for the importation of maize.

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

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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. (NAN)

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