The Central Bank of Nigeria, (CBN), 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 the Strategic Maize Reserve under its Anchor Borrowers Programme.
The release of maize to the companies, which is the third of such, is also intended to check the activities of middlemen that are hoarding the product and causing artificial scarcity.
A statement obtained from the CBN listed recipients of the grains to include Premier Flour Mills, Crown-Olam, Grand Cereals, Animal Care, Amobyn and Hybrid Feeds. Others are Obasanjo Farms, Zartech, Wacot, Sayeed Farms, Pandagri Novum and Premium Farms.
Confirming the release of the grains, the CBN spokesman, Osita Nwanisobi, expressed optimism that the release would crash the price of maize, reduce pressure on the market, and make the product directly available to feed producers.
He said the CBN intervention would help to reduce the price of poultry feeds in the country.
