CBN outlaws FX for maize importation

The Central Bank of Nigeria (CBN) on Monday discontinued the processing of Forms M for importation of maize/corn into the country.
The apex bank directed all authorised dealers to submit the list of Forms M already registered for the importation of maize/corn using a designated format on or before the close of business on Wednesday, July 15, 2020.

It said the move is part of efforts to increase local production, stimulate a rapid economic recovery, safeguard rural livelihoods and create jobs. Many jobs have been lost as a result of the ongoing Covid-19 pandemic.

“As part of efforts by the Central Bank of Nigeria 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, Authorised Dealers are hereby directed to discontinue the processing of Forms M for the importation of Maize/Corn with immediate effect,” the CBN said in a circular signed by O. S. Nnaji, its director, trade and exchange department.

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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 using the attached format on or before the close of business on Wednesday July 15, 2020. Please ensure strict compliance,” the circular said.

Form M is a mandatory documentation process to be completed by all importers for importation of goods into Nigeria.

The CBN in 2015 excluded importers of some food items from accessing foreign exchange in order to encourage local production of such items.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.