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

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.

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.

VAM News 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 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.

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.