CBN releases 50,000 metric tonnes of maize to 12 firms

In an effort to crash and moderate food prices in the market, the Central Bank of Nigeria (CBN), has approved the release of 50,000 metric tonnes of maize to 12 major producers, from strategic maize reserve (SMR) under the Anchor Borrowers’ Programme (ABP).

According to the apex bank, the release of maize to the companies, which is the third of such releases, is also intended to tackle the nefarious activities of middlemen who hoard the product thus causing artificial scarcity.

Recipients of the grains 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.