The Foreign Exchange Department of the Central Bank of Nigeria (CBN) on Friday issued a circular that prohibited Forms M for the importation of NPK fertilisers.
The CBN in the circular to all authorised dealers and the general public said the ban on the importation of all NPK fertilisers and any other variant remained in force.
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“For the avoidance of doubt, no authorised dealer shall henceforth establish Forms M for the importation of these items,” the circular signed by Jibrin A. S, for director, trade and exchange department, stated.
The CBN threatened to sanction severely, any authorised dealer that established Forms M for the importation of all NPK fertilisers and any other variant, including management and staff responsible for the transaction.
