Business
CBN Moves To Increase Local Production Of Maize, Bans Importation
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, Livewire News reports.
The ban process by CBN, was made known in a circular signed by Dr. Ozoemena Nnaji, the Director of Trade and Exchange Department of the apex bank in Abuja. on the importation of maize.
Form M is a mandatory statutory document to be completed by all importers for the 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 the 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.