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.
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.
