The Central Bank of Nigeria (CBN) told lenders on Monday to stop processing documents for maize imports into the country with immediate effect, the bank said in a circular.
The central bank said it wanted to support the increase in local production, stimulate the economy and safeguard rural livelihoods lost as a result of the COVID-19 pandemic.
In the notice which was made available to the public, the CBN noted four main reasons for the directive to discontinue maize importation, The reasons are:
In line with this development, all the authorised dealers have been told to return all the Forms M they have already registered for the purpose of importing maize. They are to return the forms on or before Wednesday, July 15, 2020. The notice by the CBN said:
“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 on-going COVID-19 pandemic, 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.”