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CBN outlaws FX for maize importation

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The report reaching Nairabusiness states that the Central Bank of Nigeria (CBN) on Monday discontinued the processing of Forms M for importation of maize/corn into the country.

On or before the close of business on Wednesday, July 15, 2020 the apex bank directed all authorised dealers to submit the list of Forms M already registered for the importation of maize/corn using a designated format

It said the move is part of efforts to increase local production, stimulate a rapid economic recovery, safeguard rural livelihoods and create jobs. Many jobs have been lost as a result of the ongoing Covid-19 pandemic.

“As part of efforts by the Central Bank of Nigeria 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,” the CBN said in a circular signed by O. S. Nnaji, its director, trade and exchange department.

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“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 circular said.

Form M is a mandatory documentation process to be completed by all importers for importation of goods into Nigeria.
The CBN in 2015 excluded importers of some food items from accessing foreign exchange in order to encourage local production of such items.
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