The Central Bank of Nigeria has released 50,000 metric tonnes of maize to 12 major producers from strategic maize reserve under the Anchor Borrowers’ Programme.
The apex bank explained that the release of maize to the companies,will reduce the price of grain in the market by checking the activities of middlemen who are hoarding the product and causing artificial scarcity.
The listed recipients of the grains include Premier Flour Mills, Crown-Olam, Grand Cereals, Animal Care, Amobyn Hybrid Feeds, Obasanjo Farms, Zartech, Wacot, Sayeed Farms, Pandagri Novum and Premium Farms.
The Central Bank of Nigeria, in its bid to moderate and control the prices of maize in the Nigerian market, has approved the release of 50,000 metric tonnes of maize to 12 major producers, from strategic maize reserve under the Anchor Borrowers’ Programme,the acting Director of the Communication of the CBN, Osita Nwanisobi, confirmed .
He said the move would crash the price of maize, reduce pressure on the market, and make the product directly available to feed producers, thereby reducing the price of poultry feed in the country.
He added that as part of its financing framework, the bank would continue to fund maize farmers and processors through its various initiatives.
Meanwhile,the apex bank has lamented continued abuse of currency note by the general public, especially during weddings and other occasions.
Speaking on Monday in Gombe at a Fair with the theme ‘Promoting Financial Stability and Economic Development’, Principal Manager, Currency Operations Department, Ngozi Etim, said the law banning people from matching money subsisted.
She noted that envelope remained the best and acceptable means of extending goodwill at events and not by deliberately attempting to discredit the Nigerian currency by spraying and eventually stepping on it.
She said:“Money should not be squeezed but put into the envelope. Oil should not be allowed to touch the money; keep it neat like your clothes.
“You don’t dirty your clothes and you don’t keep your clothes on the ground. So, there is need to keep our money well. Don’t match our money, so that it can stay long. Naira is our symbol of identity.”
She added that the current CBN Act empowered the bank to arrest those who abuse the currency, adding that the proper handling would ensure the durability of the notes.
