Maize: CBN tells Authorised Dealers to Stop Processing Form M

Maize: CBN tells Authorised Dealers to Stop Processing Form M

The Central Bank of Nigeria (CBN) has directed all authorised 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.

With this decision, importation of maize into the country would be suspended, some bankers explained to MarketForces.Maize: CBN tells Authorised Dealers to Stop Processing Form M

Analysts said the move may not be unconnected with the CBN foreign exchange rationing in recent time as external reserve decline.

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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.

However, the CBN 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.

The nation’s external reserve has been projected to drop below the apex bank’s comfort level of $30 billion in 2020.

This has been connected to low foreign receipts from oil, though inflow from the IMF, AfDB would reduce pressure but naira still remains largely unstable.

Maize: CBN tells Authorised Dealers to Stop Processing Form M

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