The Central Bank of Nigeria (CBN) has stopped the issuance of forex for the importation of maize into the country.
A circular signed by CBN Director of Trade and Exchange Department, O.S. Nnaji, explained on Monday that the decision is to boost local production of maize.
Nnaji said: ”As part of effort by the Central Bank of Nigeria to increase local production, stimulate a rapid economic recovery, safeguard rural livelihoods and increase job, which were lost as a result of the ongoing Covid-19 Pandemic, Authorized dealers are hereby directed to discontinue the processing of Form M for the importation of maize/corn with immediate effect.”
The circular also asked the dealers to still submit the already registered forms.
The circular added: “Accordingly, all authorized dealers are hereby requested to submit the list of Form M already registered for the importation of maize/corn using the attached format on or before the close of business on Wednesday 15, 2020.”
