CBN places immediate ban on Forex for Maize Importation

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300,000MT of Maize for Release in February 2021 in Nigeria, Price of Maize Set to Crash

The Central Bank of Nigeria (CBN) has issued a directive on Monday placing forex ban on importation of Maize into the country.

The Apex Bank hinges the decision to ban forex for maize importation on the need to increase local production, stimulate a rapid economic recovery, safeguard rural livelihoods.

Explaining the rationale behind this directive, the bank, in a circular signed by its director in charge of Trade and Exchange Department, Dr O.S. Nnaji, noted that it was to boost local production of the farm product.

According to the central bank, the present global health pandemic, COVID-19, has caused many Nigerians to lose their jobs, putting a dent on the economy.

It stated that in order to begin a process of economic recovery, it was necessary to take this decision for the interest of the general populace.

The apex bank further stated that the decision will would increase jobs which have been lost as a result of the ongoing COVID-19 pandemic.

The statement from CBN reads “As part of efforts by the CBN 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,” the statement, which urged those involved to “ensure strict compliance,”

 

 

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