TheCable

The Central Bank of Nigeria (CBN) has directed banks to stop processing Forms M for the importation of maize with immediate effect.

In a circular published on Monday, the apex bank said the decision is part of efforts to increase local production, stimulate a rapid economic recovery, safeguard rural livelihoods.

It also said the move would increase jobs which have been lost as a result of the ongoing COVID-19 pandemic.

“Authorised dealers are hereby directed to discontinue the processing of Forms M for the importation of maize/corn with immediate effect,” it said.

“Accordingly, all authorised dealers are hereby requested to submit the list of Forms M already registered for the importation of maize/corn on or before the close of business on Wednesday, July 15, 2020.”

The CBN has been working together with the Muhammadu Buhari-led administration to improve local production and reduce dependence on imported goods.

In March 2019, the apex bank commercial banks and bureaux de change operators to stop the sale of forex for the import of textiles and clothing materials in the country.

This is in addition to a list of tomato paste, cement, poultry, furniture and roofing sheets.