Breaking: CBN adds Maize importation to list of 41 banned items

Breaking: CBN adds Maize importation to list of 41 banned items
Maize (Corn)

The Central Bank of Nigeria (CBN) has directed all authorised dealers to stop the processing of Forms M for maize/corn importation into Nigeria.

This directive was contained in a notice addressed to authorised dealers and signed by CBN’s Director in charge of Trade and Exchange Department, Dr O.S Nnaji on Monday.

In June 2015, the CBN issued a circular containing a list of 41 imported goods and services that were banned from accessing Nigeria’s official Foreign Exchange Market.

Meanwhile, the apex bank listed that, the four main reasons for the directive to discontinue maize importation, include: To increase local production, To stimulate a rapid economic recovery, To safeguard rural livelihoods and To increase jobs.

Following the development, all authorised dealers have been told to return all the Forms M they have already registered for the purpose of importing maize. They are to return the forms on or before Wednesday, July 15, 2020.

 

 

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The notice 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 close of business on Wednesday July 15, 2020. Please ensure strict compliance.”

See a copy of the CBN notice by clicking here: iBrandTV CBN-Ban-on-Maize-Importation

 

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