Business

CBN stops forex for maize importation

Forex non-repatriation: CBN directs banks to submit names, BVN of defaulting exporters

 

The Central Bank of Nigeria (CBN) has directed banks to stop processing Forms M for the importation of maize with immediate effect.

The apex bank gave the directive on Monday July 13, saying the decision to ban forex for maize importation was made to increase local production, stimulate a rapid economic recovery, safeguard rural livelihoods.

The CBN disclosed that the decision would increase jobs which have been lost as a result of the ongoing COVID-19 pandemic.

Part of the statement 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.”

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