BUSINESS

CBN moves to ban importation of maize

Published

4 years ago

July 14, 2020

Mustapha Sumaila

CBN urges Nigerians to embrace its policies to entrench macro-economic stability

The Central Bank of Nigeria (CBN) has directed all athorised dealers to discontinue the processing of Form M for the importation of maize with immediate effect.

The CBN made this known in a circular signed by Dr Ozoemena Nnaji, the Director of Trade and Exchange Department of the apex bank in Abuja.

Form M is a mandatory statutory document to be completed by all importers for importation of goods into the country.

The apex bank directed all authorised dealers to submit the list of form M already registered for the importation of maize.

The bank enjoined the dealers concerned to do so on or before close of business on Wednesday.

It explained that the step was part of CBN’s efforts to increase local production and stimulate a rapid economic recovery.

The bank added that the measure was to also safeguard rural livelihood and increase job which had been lost due to ongoing COVID-19 pandemic.

Related Topics:

Up Next

Osinbajo rallies Africa to curb secret ownership of corporate businesses

Don't Miss

Nigeria’s stock market opens week with N55bn loss

Mustapha Sumaila

NEWSVERGE, published by The Verge Communications is an online community of international news portal and social advocates dedicated to bringing you commentaries, features, news reports from a Nigerian-African perspective. A unique organization, founded in the spirit of Article 19 of the Universal Declaration of Human Rights, comprising of ordinary people with an overriding commitment to seeking the truth and publishing it without fear or favour. The Verge Communications is fully registered with the Corporate Affairs Commission of the Federal Republic of Nigeria as a corporate organization.