The Central Bank of Nigeria has suspended the processing of Form M for the importation of maize into the country.
The Form M, which is a mandatory documentation process required to be completed by all importers for importation of goods into the country, is a prerequisite to access foreign exchange from the CBN.
The CBN said in a circular on Monday that the directive was part of government’s effort to increase local production of the commodity.
The circular was signed by the bank’s Director Trade and Exchange Department, O.S. Nnaji.
The apex bank said the move would help to stimulate rapid economic recovery, safeguard rural livelihoods, and increase jobs, which were lost as a result of the ongoing coronavirus pandemic.
It stated, “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.”
