CBN bans forex for maize importation

The Central Bank of Nigeria has directed foreign exchange dealers to stop processing ‘Forms M’ for the importation of maize in order to boost local production.

The CBN stated this in a circular on Monday to all authorised dealers and the general public, with the title ‘Importation of maize/corn’.

The circular was signed by the Director, Trade and Exchange Department, CBN, Dr O.S. Nnaji.

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It said, “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.

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“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”

The bank urged the dealers to ensure strict compliance.

Form M is a mandatory statutory document to be completed by all importers for the importation of goods into Nigeria.

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Without the form, goods cannot be approved for importation into Nigeria.

The documentation process is put in place by the Federal Government through the CBN and the Nigeria Customs Service.

Form M or E-Form M allows the importer to access part shipments through the use of bulk Form M for a large project.

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