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CBN set to ban importation of maize, encourages local production

NEWSMAN, Abuja – As part of efforts to safeguard rural livelihood and aid survival amidst the ravaging COVID-19 pandemic, the Central Bank of Nigeria (CBN) is set to halt importation of Maize into the country.

“Authorised Dealers are hereby directed to discontinue the processing of Forms M for the importation of Maize/Corn with immediate effect,” the CBN said in a circular signed by it’s Director of Trade and Exchange Department, Ozoemena Nnaji.

The bank enjoined the dealers concerned to do so on or before the close of business on Wednesday.

Form M is a mandatory statutory document to be completed by all importers for the importation of goods into the country. The apex bank directed all authorised dealers to submit the list of form M already registered for the importation of maize. 

It explained that the step was part of CBN’s efforts to increase local production and stimulate a rapid economic recovery.

The CBN had in 2015 also excluded importers of some food items from accessing foreign exchange in order to encourage local production of such items.

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