Price Of Rice Has Crashed Due To CBN Intervention — Emefiele

Central Bank Governor, Godwin Emefiele, has revealed that the price of a bag of rice has reduced compared to the price it was sold during the Covid 19 period （April）last year.

Emefiele attributed the slash in the price to the various intervention programme of the apex Bank. He also noted that the price increased last year, because most of the product were bought as palliatives to cushion the effect of the lockdown.

However, a random survey in the market shows that the price of a bag of rice still sells for almost the same amount （#26,000）it was sold last year in Lagos.

The CBN Governor further stated that, what they did is to take hold of the goods produced by the Anchor Borrowers Programme without collecting any cash in Naira from them, and then agree at a particular price with the farmers, or millers and based on that they moderate price.