The value of the naira went in different directions at the Nigeria Autonomous Foreign Exchange (NAFEX) and parallel market windows as the Central Bank of Nigeria (CBN) directed banks to stop processing documents for the importation of maize.
The CBN in a circular released on its website yesterday, said as part of its effort to “increase local production and stimulate a rapid economic recovery, safeguard rural livelihoods and increase jobs, which were lost as a result of the ongoing Covid-19 pandemic, Authorised Dealers are hereby directed to discontinue the processing of Form M for the importation of maize/corn with immediate effect.
“Accordingly, all Authourised Dealers are hereby requested to submit the list of Form M already registered for the importation of maize/corn on or before the close of business on Wednesday July, 15, 2020.”
Meanwhile the value of the naira at the CBN official rate remained stable at N381 to the dollar by the close of business yesterday. At the NAFEX window also known as the Investors’ and Exporters’ (I&E), the naira which opened at N387.46 to the dollar had closed at N386 with a turnover of $25.17 million, while the value of the currency had declined on the streets, selling at N465 as against N464 which it sold at the weekend.
At the bureau de change (BDC) end of the market, the value of the naira had also depreciated to N467 to the dollar from N465 which it sold at the weekend.