The Central Bank of Nigeria has stopped the issuance of Foreign Exchange ( forex) for the importation of maize into the country.
This is just as the CBN has issued a guideline on Global Standing Instruction (GSI) to enhance loan recovery across the banking sector.
The forex restriction order was made known on Monday in a circular signed by the director, Trade and Exchange Department of CBN O.S. Nnaji.
The decision, according to CBN, is to boost local production of maize in the country.
“As part of an effort by the Central Bank of Nigeria to increase local production, stimulate a rapid economic recovery, safeguard rural livelihoods and increase job, which was lost as a result of the ongoing…
Source: Nigerian Tribune