CBN Issues New Directive on Maize Importation

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The Central Bank of Nigeria (CBN) on Monday suspended its plan to give foreign exchange support to the importers of maize in the country.

The CBN, in its circular referenced TED/FEM/FPC/GEN/01/004 signed by the Director of Trade and Exchange Department, Dr. O.S Nnaji, sighted economic constraints created by coronavirus pandemic as reason for reversing it plan.

The circular reads further:

“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 Form M for the importation of Maiz/corn with immediate effect

“Accordingly, all authorized dealers are requested to submit the list of Form M already registered for the importation of maiz/corn … on or before the close of business on Wednesday July 15, 2020”