CBN To Give Single-Digit Loans To Rice Farmers

The Central Bank of Nigeria has offered rice farmers in the Niger Delta region single-digit loans.

The Head, Press and Public Relations at the Ministry of Niger Delta Affairs, Patricia Deworitshe who made this known after a meeting between the Minister of Niger Delta Affairs, Godswil Akpabio, and representatives of the CBN in Abuja said that rice farmers in Niger Delta area will now be offered single-digit loans to boost production output as new local brands flood the market, resulting in a crash in price.

The statement said CBN representative, Anthony Ifechukwu, “assured participating farmers of a guaranteed market price for their produce, explaining that the bank would give a single-digit interest loan for five years.

“He advised eligible farmers willing to participate in the scheme to procure quality seedlings from reputable companies and plant their crops in clusters, adding that CBN will do index insurance for participating farmers.”

Meanwhile, in another development, the Central Bank of Nigeria has injected over $43.52bn to defend the nation’s currency in the foreign exchange market.

The intervention is provided to authorized dealers in the wholesale segment of the market as well as other sectors of the economy such as agriculture, manufacturing and Small and Medium Enterprises.

An analysis of the CBN intervention showed that the apex bank injected about $2.15bn into the interbank market while $1.75bn was used to provide support for swap contracts.

Also, the CBN provided support to Bureau De Change operators with a total of $15.63bn during the period while $4.23bn and $7.64bn were used to fund wholesale forwards and importers and exporters segment of the foreign exchange market.