CBN bans forex for maize importation

Banks have been directed to stop processing Forms M for the importation of maize with immediate effect.



The Central Bank of Nigeria (CBN) who made the order on Monday July 13, said the decision to ban forex for maize importation was made 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 read;




“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.”