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CBN, RIFAN collab to crash price of rice

In an effort to provide adequate food for Nigerians and crash the price of rice, the Central Bank of Nigeria (CBN) and the Rice Farmers Association of Nigeria (RIFAN), have flagged-off sales of nine million tons of subsidised rice paddy to millers.

The Governor of the CBN, Mr. Godwin Emefiele, while flagging-off the sales and commencement of the wet season farming in Kaduna State said, the apex bank was ever ready to finance agriculture.

Represented by the Kaduna branch Manager of the CBN, Ahmed Mohammed, the programme was aimed at selling rice to the millers and processors at subsidised rate with the intention of reducing the price for the benefit of a common man in Nigeria and beyond.

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The CBN governor said the Bank was ever ready to ensure food security and improve rice farming in the country.

According to him, “this programme is a nationwide program 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.”

Representative of the Director Development Finance of the CBN, Mr. Chika Nwaja, said that the apex bank has the intention to remove the issue of middlemen from the sales of rice to processors for Nigerians to buy at cheaper prices.

According to Nwaja, “Because the marketers are people of the country, with this, Nigerian citizens must get it at affordable price.

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“There is a reduction between the market price and the price that the CBN is giving out to processors, now we are sailing at N190, 000 against the market price that there is a difference of 35,000 Naira.”

In his speech, the National President of RIFAN, Alhaji Aminu Goronyo, said that all that happened was the CBN that approved it just to move the country forward.

According to him, “despite the security challenges, rice farmers are trying to provide rice to the country.”

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