The Central Bank of Nigeria and the Nigerian Rice Producers Association finalized on Thursday a plan to distribute 27,000 metric tons of rice fields directly to millers across the country to update their actions to address the problem of rising food prices on the Nigerian market. CBN issued a statement on Tuesday that the direct distribution of RIFAN warehouses in the 16 federal states is a sequel to the previous rice sales, as a loan to the miller who revealed the rice pyramid under the anchor borrower program. In Niger, Kebbi Gombe and Ekiti states.

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Osita Nwanisobi, Acting Director of CBN’s Corporate Communications Department, stated that Kaduna State has been selected as a key location for the rice distribution activity, which will be held at the same time in the state with the highest quality rice harvest. The last agricultural season. . He said that the new strategy is in line with the bank’s mission to ensure price stability and its approach to becoming a people-oriented central bank.

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He was also optimistic that the distribution of rice fields will cause a drop in the price of rice in the Nigerian market, increase supply and ultimately curb the activities of intermediaries in the supply chain to create an artificial shortage. The statement said CBN recently lifted the veil on the Pyramid Pyramid in the states of Niger, Kebbi, Gombe and Ekiti. The Federal Capital Territory, Ebonyi and Cross River will conduct the same exercises in the coming weeks.

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According to the CBN, this is part of its contribution to ensuring self-sustenance in food production as well as food security in Nigeria.

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