CBN prohibits registration of form M for importation of fertilizer

The Central Bank of Nigeria (CBN) has insisted that the ban on NPK fertilizers remains in force.

To this effect, the apex banking sector regulator has directed that no

authorised dealer shall henceforth establish form ‘M’ for the importation of any NPK fertilizers or any other variant.

Form ‘M’ is a mandatory statutory document to be completed by all importers for importation of goods into Nigeria.

In a circular to all authorised dealers and the general public, signed by the Director, Trade and Exchange Department CBN, A.S. Jibrin, the apex bank noted that violators will be sanctioned.

According to the CBN, “in view of the foregoing, any of the authorised dealer that establishes form 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.”

It is therefore mandatory for all importers to complete and register Form ‘M’ with Authorised Dealers at the time of placing orders whether the transaction is valid for foreign exchange or not. This is currently initiated electronically on a trade portal provided by the Central Bank of Nigeria in conjunction with the Nigeria Customs Service.

Form ‘M’ is a mandatory statutory document to be completed by all importers for importation of goods into Nigeria.

The life span of a Form M is 180 days (for general merchandise) and 365 days (for plant and machinery), after which an extension of 180 days (for general merchandise) and 365 days (for plant and machinery) can be granted on the Form M by the Authorised Dealer. Any further extension has to be approved by the Central Bank of Nigeria (CBN).

It is therefore mandatory for all importers to complete and register Form ‘M’ with Authorised Dealers at the time of placing orders whether the transaction is valid for foreign exchange or not. This is currently initiated electronically on Trade Portal provided by the Central Bank of Nigeria in conjunction with the Nigeria Customs Service.