CBN crashes price of maize, releases 50,000MT

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The Central Bank of Nigeria (CBN) has given a boost to the availability of maize in the market while aiding a slash in the price of the commodity.

This is with the release of 50,000 metric tonnes of maize into the market.

According to the apex bank, this year’s release of Maize which was done through the Anchor Borrowers’ Programme (ABP) aimed at fulfilling its pledge to reduce the price of the commodity while reducing the overhead production costs for major feed producers and poultry production in the country.

Reports say the release which was made in February had resulted to a reduction in price from N200,000.00 per metric tonnes to about N180,000.00 per metric tonnes.

It will be recalled that the Central Bank of Nigeria had in January this year, announced to release 300,000 metric tonnes of Maize into the Nigerian Maize Market.This is to bridge the shortfall in production and augment local production of the commodity.

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