The Central Bank of Nigeria has directed all banks to stop processing Forms M for the importation of maize with immediate effect.
The directive was issued by the Central Bank on Monday, July 13.
According to the apex bank, the decision to ban forex for maize importation was made to increase local production, stimulate a rapid economic recovery and safeguard rural livelihoods.
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 partly read;
“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 on or before the close of business on Wednesday, July 15, 2020.”
In a related story, WITHIN NIGERIA reported that the Nigeria Employers’ Consultative Association (NECA) has said the Central Bank of Nigeria’s adjustment of naira exchange rate from N360/dollar to N380/dollar at the Secondary Market Intervention Sales (SMIS) will result in inflation.
