CBN RELEASES 50,000 METRIC TONS TO TACKLES MAIZE HOARDING

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The central bank of Nigeria said that it has approved the release of 50,000 metric tons of maize from the strategic maize reserve to 12 large producers as part of the anchor borrowers’ programme.

According to the apex bank, the purpose of this decision is to regulate and manage maize prices in the Nigerian market, as well as to curb middlemen’s actions aimed at stockpiling the commodity and creating artificial shortages.

While confirming the grain release,CBN acting director of corporate communications, Mr. Osita Nwanisobi, expressed optimism that the supply will lower maize prices and relieve market pressure.

Premier flour mills, crown-olam, grand cereals, animal care, amobyn, and hybrid feeds were among the receivers of the grains, according to a statement received by NAN from the CBN.

Obasanjo farms, zartech, wacot, sayeed farms, pandagri novum, and premium farms are among the others.

According to Nwanisobi, the product would be made immediately available to feed manufacturers, lowering the price of chicken feed in the country.

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