Banks have been directed to stop processing Forms M meant for the importation of maize with immediate effect.

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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.

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“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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