CBN facilitates release of 50,000 MT of maize to 12 firms

The Central Bank of Nigeria (CBN) has approved the release of 50,000 metric tonnes of maize to 12 major producers, from the strategic maize reserve (SMR).
The apex bank said that the release, under the Anchor Borrowers’ Programme (ABP), was to enable moderation and price control in the Nigerian market.
CBN said that the action, the third of such releases to the companies, was intended to check activities of middlemen that cause hoarding and 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, Mr Osita Nwanisobi, CBN spokesman, expressed optimism that the release would crash the prices of maize and reduce pressure on the market.
He said that it would make the product directly available to feed producers, thereby reducing the price of poultry feed in the country..


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