CBN Adds Maize/Corn to Foreign Exchange Restriction List

In a bid to stimulate local production and support new job creation, the Central Bank of Nigeria on Monday said it has added maize/corn to the foreign exchange restriction list.

In a statement signed by DR. O.S. Nnaji, director trade and exchange department, and released on the apex bank’s website, the central bank said authorised dealers are directed to discontinue the processing of Forms M for the importation of Maize/Corn with immediate effect.

This means while importers of maize/corn are not restricted from importing the commodity, importers can no longer access forex through the central bank rather they will now have to source for their own foreign exchange from the black market or bureau de change operators.

Accordingly, the central bank said authorised forex dealers are required to submit all registered Forms M for the importation of Maize/Corn before the closing of business on Wednesday for processing.

“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.”

The CBN continues to add to its growing forex restriction list to further ease pressure on the dwindling foreign reserves, stimulate local production and boost new job creation.

This is coming a few days after Nigerian Naira plunged to over three years’ low of N465 against the United States dollar on the black market and central bank’s official rate was adjusted to N380 following the inability of the apex bank to sustain N360 per US dollar rate.