Central Bank of Nigeria (CBN) on Monday mandated all commercial banks to stop processing new Form M documents for maize importers with immediate effect.
Form M is a mandatory statutory document to be completed by all importers for the importation of goods into the country which enables them bid for dollars from the Apex Bank.
Recently, the dollar demand has been on the increase thereby putting pressure on the naira.
The Central Bank of Nigeria directed all authorized dealers to submit the list of form M they already registered for the importation of maize before close of business today July 14, 2020.
The apex bank added that this measure was targeted at safeguarding rural livelihood and increase job by the ramping up of local maize production which had been lost due to ongoing COVID-19 worldwide pandemic.
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