The Central Bank of Nigeria (CBN) has directed banks to stop processing form M for the importation of Maize or Corn.
Form M is a mandatory statutory document to be completed by all importers for importation of goods into Nigeria.
In a circular released today July 13, the CBN said: “All Authorized Dealers are hereby requested to submit the list of Form M already registered for the importation of Maize/Corn using the attached format on or before the close of business on Wednesday July 15, 2020.”
The regulator said this is part of its efforts 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.
The CBN has engaged in demand management of the Foreign Exchange (FX) market in recent months in a bid to reduce the pressure on the naira.
Form M aims to monitor goods that are imported into Nigeria, as well as enable the collection of import duties where applicable.
All importers into Nigeria need to process the e-Form M through an Authorized Dealer Bank, irrespective of the value of their goods and whether or not payment is involved.