The Central Bank of Nigeria has directed the immediate suspension of Form M processing for maize importation.
In a notice to authorised dealers and signed by CBN’s Director in charge of Trade and Exchange Department, Dr. Ozoemena Nnaji, on Monday noted the directive was to increase local production, stimulate a rapid economic recovery, safeguard rural livelihoods, and increase jobs.
In line with this development, all the authorised dealers have been told to return all the Forms M they had already registered for maize import on or before Wednesday, July 15.
Specifically, the apex bank said, “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, 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,” the CBN stated.
In June 2015, the CBN had issued a circular containing a list of 41 imported goods and services that were banned from accessing Nigeria’s official Foreign Exchange.
The ban was another hard-line position taken by the apex bank to keep control of the demand of the dollar as low as it can.
Over the years, the CBN has been modifying this list by including more items. The addition of maize, which is a staple food in the country, is the latest modification.
It should be noted that cereals make up Nigeria’s top 10 imports. In 2019 alone, the country spent about $1.3bn on cereals importation.
