Regulatory Alerts2020-01-31 | TED/FEM/FPC/GEN/01/001Prohibition Of Forms M on Importation Of Fertilizers
The Central Bank of Nigeria has issued a circular to all authorized dealers and the general public, informing them that the ban on the importation of all NPK fertilizers and other variants remains in effect. The bank warns that any authorized dealer who establishes Forms M for the importation of these fertilizers will face severe sanctions, including penalties for the responsible management and staff. Strict compliance with the ban is emphasized.
CENTRAL BANK OF NIGERIA Corporate Head Office Central Business District P.M.B. 0187, Garki, Abuja, FCT TRADE AND EXCHANGE DEPARTMENT 09 46237804 09 46237802 E-mail address: ted@cbn.gov.ng TED/FEM/FPC/GEN/01/001 January 30, 2020 TO: ALL AUTHORISED DEALERS and, THE GENERAL PUBLIC PROHIBITION OF REGISTRATION OF FORMS M FOR THE IMPORTATION OF FERTILIZERS Further to our circular ref: TED/FEM/FPC/GEN/01/006 of December 10, 2018 in respect of the above subject, all Authorised Dealers and the General Public are hereby informed that the ban on the importation of all NPK fertilizers and any other variant remains in force.
For the avoidance of doubt, NO Authorised Dealer shall henceforth establish Forms M for the importation of these items. In view of the foregoing, any Authorised Dealer that establishes Forms M for the importation of all NPK fertilizers and any other variant shall be severely sanctioned including the Management and staff responsible for the transaction. Please ensure strict compliance.
A.S. JUBRIN For: DIRECTOR TRADE & EXCHANGE DEPARTMEN