Domestic Rice Witnessed Reduction In Prices

Following the recent restriction by the central bank of Nigeria (CBN ) on importers of 43 items, which included rice, from accessing dollars from the interbank market and bureaux de change.

It is believed that  states are complying and are  reliable rice producers in the country.  States like:  Kebbi, Benue, Ebonyi, Ekiti, the Federal Capital Territory, Jigawa, Kaduna, Kano and Katsina.  Lagos, Nasarawa, Taraba, Kogi, Zamfara, Ogun, Niger, Kwara and Sokoto are all part of the success stories.

 Revealed that these policies have led to a decline in imports and have resulted in significant rise in the price of imported rice.

The CBN through its Commercial Agriculture Credit Scheme (CACS) as well as its Anchor Borrowers’ Programme (ABP) has continued to support genuine local rice manufacturers, in line with its development finance function.