Central Bank of Nigeria bans the importation of maize (photo)

The central Bank of Nigeria has ordered that all dealers should stop importing maize or corn into the country.

Central Bank of Nigeria bans the importation of maize (photo)

Corn or maize as it is popularly called is one of the most consumed cereals in Nigeria.

The directive came from the governing body of banks which is the CBN.

This was signed by the CBN director who is in charge of Trade and Exchange department, Dr Nnaji O.S

And this was made public and available just recently.

The central Bank of Nigeria however gave many reasons for this ban on importation of maize.

In his statement they said the reason is to make sure there is an increase in local production.

And also in his words he says it is aimed to stimulate a rapid recovery of the economy.

Gettkmg jobs for the youths is also one of the aims for stopping the importation of maize and corn.

He added that it is also important to keep the guard of rural livelihoods.

If you remember in 2012 the Federal Government issued items that were banned in the country.

It is however known that there are bandits that still smuggled these banned items into the country.

Check out the exact statement of CBN below.

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Banks have been directed to stop processing Forms M for the importation of maize with immediate effect. . The Central Bank of Nigeria (CBN) who made the order on Monday July 13, said the decision to ban forex for maize importation was made to increase local production, stimulate a rapid economic recovery, safeguard rural livelihoods. . The apex bank further stated that the decision will would increase jobs which have been lost as a result of the ongoing COVID-19 pandemic. . The statement partly read “Authorised dealers are hereby directed to discontinue the processing of Forms M for the importation of maize/corn with immediate effect. . “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.”

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