CBN Bans Importation Of Fertilizers

The Central Bank Of Nigeria (CBN) has said all authorised dealers of fertilizer in the country are now prohibited from establishing Forms M for the importation of all NPK fertilizers.

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 CBN, to monitor goods that are imported into the country as well as enable the collection of import duties where applicable.

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According to a circular signed by the Director of Trade and Exchange Department of CBN, A.S jibrin, any dealer that establishes the form to import the product shall be severely sanctioned including the Management and staff responsible for the transaction.

Recall that the bank in December 2018 issued a circular stating that all fertilisers will be added to its existing list of 41 imported items.