Inflation: CBN Plans To Release Grains From Strategic Reserves
Central Bank of Nigeria (CBN), plan to use its strategic grain reserves to check food inflation.
CBN Governor, Godwin Emefiele who made this known while speaking to newsmen in Abuja, said the idea is to moderate food prices that could be occasioned by recent flooding across the country.
He said that the CBN and the Federal Government, have developed strategic reserve, particularly for rice and for grains like maize, whose prices would be moderates.
According to Emefiele, the flooding of this year happens to be the worst in the last five years in Nigeria, adversely affecting 32 out of the 36 states.