Business
Why CBN Banned Maize Imports
The Central Bank of Nigeria (CBN) has directed all athorised 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.
Form M is a mandatory statutory document to be completed by all importers for 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 close of business on Wednesday.
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.
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