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3 Reasons Why CBN Banned The Importation of Maize

As was earlier announced today the Central Bank of Nigeria (CBN) has directed all authorized dealers to discontinue the importation of maize with immediate effect. The CBN made this known in a circular signed by Dr. Ozoemena Nnaji, the Director of Trade and Exchange Department of the apex bank in Abuja.

This discontinuation was because of the following reasons. Please read carefully to avoid wrong assumptions and conclusions against the Federal Government.

1. Inability to fill adequate Forms for License

There is a form known as "Form M" that is required by the government for importers to fill and processes for licensing. The Form M( An E-Form M is a mandatory documentation process put in place by the Federal Government of Nigeria through the Federal Ministry of Finance (FMF) and the Central Bank of Nigeria (CBN), to monitor goods that are imported into the country as well as enable the collection of import duties where applicable.) is a mandatory statutory document to be completed by all importers for the importation of goods into the country. Not all importers have this required Form(especially those importing Maize), making the officials not to have an updated track of imported goods.

2. Only a Few Submitted the Form M

The apex bank directed all authorized dealers to submit the list of form M already registered for the importation of maize.

The bank enjoined the dealers concerned to do so on or before the close of business on Wednesday 14th July 2020. Only a few have submitted out of many who are into importation of Maize.

3. To create Job Opportunities

It explained that this step was part of CBN’s efforts to increase local production and stimulate a rapid economic recovery.

The bank added that the measure was to also safeguard rural livelihood and increase job which had been lost due to ongoing COVID-19 pandemic. (NAN)

Though this may later be lifted. But it's a step people have reacted to as a good move by the Federal Government through the Bank.

What is your say concerning this? Was it really a good move by the Federal Government?

Your comments please.

Content created and supplied by: SunNews (via Opera News )

Abuja CBN Central Bank of Nigeria Maize Ozoemena Nnaji


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