The Central Bank of Nigeria (CBN) has urged rice farmers in the country not to increase the price of the product following the closure of the border.
The directive was given by the CBN Governor, Godwin Emefiele on Monday in Abuja.
Emefiele asked the members of the Rice Millers Association of Nigeria (RIMAN) and other stakeholders in the value chain not to hoard rice.
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Recall that in a move to checkmate smuggling in Nigeria, President Muhammadu Buhari in August shut its borders across the country.
Commenting on the closure the CBN Governor said the move by the federal government will enhance the growth of the economy and achieve food security as most of the “imported rice had chemicals for preservation”.
He further explained that closure will be beneficial to the well-being of the people noting that there was a need to increase rice production.
Emefiele, however, assured that the CBN would support the rice millers to stem off smuggling in the country and grow the rice sector for food self–sufficiency and also called on the citizens to support the border closure, saying the government took the decision in their best interest.