Amid Tears of Inflation, CBN Crashes Prices of Rice, Gives Reasons

Amid Tears of Inflation, CBN Crashes Prices of Rice, Gives Reasons

  • The Central Bank of Nigeria (CBN) has expressed the federal government's readiness to crash the price of rice in the country
  • Godwin Emefiele, the governor of the CBN, made this known in Kaduna, the capital of Kaduna state during the flag-off of nine million ton of rice
  • Emefiele also noted that the reduction of the price is for the benefit of the common man in Nigeria and beyond

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Kaduna, Kaduna - The Central Bank of Nigeria (CBN) and Rice Farmers Association of Nigeria have flagged off sales of nine million tons of subsidised rice paddy to millers in order to make lives bearable to Nigerians

The Nation reports that while flagging off the sales and commencement of the wet season farming in Kaduna, the CBN governor, Godwin Emefiele said the apex bank is ever ready to finance agriculture.

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Nigerians will soon enjoy crash in the prices of rice.
The governor of the Central Bank of Nigeria (CBN) has crashed the prices of rice. Chris J. Ratcliffe
Source: Getty Images

Legit.ng gathered that Emifiele, who was represented by the Kaduna branch of CBN, Ahmed Mohammed, said the programme is aimed at selling rice to the millers and processors at a subsidized rate with the intention of reducing the price for the benefit of a common man in Nigeria and beyond.

Emefiele also noted that the CBN is ever ready to ensure food security and improve rice farming in the country.

He said:

"This programme is a nationwide programme with an intention to provide food on a common man’s table, that is why Central Bank is always ready to ensure there is funds for farmers.”

Nigerians will buy rice at cheaper prices

The representative of the director of development finance of the CBN, Chika Nwaja, said that the Bank has the intention to remove the issue of middlemen from the sales of rice to processors for Nigerians to buy at cheaper prices.

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Nigerian Tribune also reports that the national president of the Rice Farmers Association of Nigeria (RIFAN), Alhaji Aminu Goronyo, said that all that is taking place at the venue is the CBN that approved it just to move the country forward.

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CBN plans to restrict more foreign goods in import bill

Meanwhile, Legit.ng had previously reported that the CBN governor Godwin Emefiele planned to block more foreign foods from being imported into the country despite the high inflation rate.

It was reported that Emefiele said the government would cut importation by 35%, as the exclusion of some food or products from the import bills began to yield results.

The restriction and border closure are the causes of the high Inflation rate in Nigeria, which is currently 17.93% as of May, although it dropped from 18.12% of April 2021.

Source: Legit.ng

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