Rice Farmers React as CBN Lifts Ban, Naira Slumps to N1,155/$1

Nduka Anyanwu / October 21, 2023

Farmers in northern Nigeria have applauded the Central Bank of Nigeria’s decision to end the Forex ban on rice imports.

Alhaji Hassan Yaro, Chairman of the Kano Council of Traders and Entrepreneurs, told Punch that the lifting of the Forex ban is a welcome development, as it will help break the monopoly of local rice millers.

According to Yaro, the lifting of the Forex ban will help increase rice supply and bring down its cost price for consumers.

Since the CBN decision to lift the ban on the 43 items, the Naira has been depreciating against the US dollar.

On October 19, 2023, the Naira fell to an all-time low of N1,155 to the US dollar on the exchange market, according to BusinessDay.

According to BusinessDay, the exchange rate for the dollar varied from N1,150 to N1,155 in Abuja, and from N1,155 to N1,120 in Lagos, depending on the specific location. This indicates the volatility of the parallel market and the difficulty of establishing an exact exchange rate.

Share on Facebook

WordPress database error: [Index for table './exprfgfo_wp480/wp2y_options.MYI' is corrupt; try to repair it]
INSERT INTO `wp2y_options` (`option_name`, `option_value`, `autoload`) VALUES ('_transient_timeout_wpp_19f1572c323beef43f9494666972b214', '1769695336', 'off') ON DUPLICATE KEY UPDATE `option_name` = VALUES(`option_name`), `option_value` = VALUES(`option_value`), `autoload` = VALUES(`autoload`)

WordPress database error: [Index for table './exprfgfo_wp480/wp2y_options.MYI' is corrupt; try to repair it]
INSERT INTO `wp2y_options` (`option_name`, `option_value`, `autoload`) VALUES ('_transient_timeout_wpp_4912ea6bde304e5bb66238eb2750eb29', '1769695336', 'off') ON DUPLICATE KEY UPDATE `option_name` = VALUES(`option_name`), `option_value` = VALUES(`option_value`), `autoload` = VALUES(`autoload`)

WordPress database error: [Index for table './exprfgfo_wp480/wp2y_options.MYI' is corrupt; try to repair it]
INSERT INTO `wp2y_options` (`option_name`, `option_value`, `autoload`) VALUES ('_transient_timeout_wpp_e3d6cbedf2026ef407cdb838117858f2', '1769695336', 'off') ON DUPLICATE KEY UPDATE `option_name` = VALUES(`option_name`), `option_value` = VALUES(`option_value`), `autoload` = VALUES(`autoload`)

WordPress database error: [Index for table './exprfgfo_wp480/wp2y_options.MYI' is corrupt; try to repair it]
INSERT INTO `wp2y_options` (`option_name`, `option_value`, `autoload`) VALUES ('_transient_wpp_e3d6cbedf2026ef407cdb838117858f2', 'O:27:\"WordPressPopularPosts\\Query\":3:{s:34:\"\0WordPressPopularPosts\\Query\0query\";s:291:\"SELECT p.ID AS id, p.post_title AS title, p.post_author AS uid, v.pageviews FROM `wp2y_posts` p INNER JOIN `wp2y_popularpostsdata` v ON p.ID = v.postid WHERE 1 = 1 AND p.post_type IN(\'post\') AND p.post_password = \'\' AND p.post_status = \'publish\' ORDER BY v.pageviews DESC LIMIT 10 OFFSET 0;\";s:34:\"\0WordPressPopularPosts\\Query\0posts\";a:10:{i:0;O:8:\"stdClass\":4:{s:2:\"id\";s:5:\"34125\";s:5:\"title\";s:77:\"God Gave Me Anointed Vagina, Sleep With Me And Get Healed – Pastor Veronica\";s:3:\"uid\";s:1:\"1\";s:9:\"pageviews\";s:6:\"222961\";}i:1;O:8:\"stdClass\":4:{s:2:\"id\";s:5:\"16216\";s:5:\"title\";s:83:\"video: 2 Nigerians die after drug they swallowed burst in their stomach on a flight\";s:3:\"uid\";s:1:\"1\";s:9:\"pageviews\";s:5:\"60675\";}i:2;O:8:\"stdClass\":4:{s:2:\"id\";s:4:\"7458\";s:5:\"title\";s:63:\"Read the details this man gave to prove that Bobrisky is no gay\";s:3:\"uid\";s:1:\"1\";s:9:\"pageviews\";s:5:\"38125\";}i:3;O:8:\"stdClass\":4:{s:2:\"id\";s:5:\"69321\";s:5:\"title\";s:70:\"Chinese authorities seize 7,221 human penises on cargo ship from Lagos\";s:3:\"uid\";s:1:\"1\";s:9:\"pageviews\";s:5:\"37592\";}i:4;O:8:\"stdClass\":4:{s:2:\"id\";s:5:\"14624\";s:5:\"title\";s:90:\"Traditionalist to Nollywood: Your members are dying cos you\'re demonizing Igbo tradition\";s:3:\"uid\";s:1:\"1\";s:9:\"pageviews\";s:5:\"32239\";}i:5;O:8:\"stdClass\":4:{s:2:\"id\";s:5:\"12340\";s:5:\"title\";s:86:\"APGA National Chairman, Ezeokenwa, Congratulates Gov. Soludo on Third Year Anniversary\";s:3:\"uid\";s:1:\"5\";s:9:\"pageviews\";s:5:\"30957\";}i:6;O:8:\"stdClass\":4:{s:2:\"id\";s:5:\"14667\";s:5:\"title\";s:73:\"Photos: Regina Daniels steps out in style with her beautiful stepchildren\";s:3:\"uid\";s:1:\"1\";s:9:\"pageviews\";s:5:\"29258\";}i:7;O:8:\"stdClass\":4:{s:2:\"id\";s:5:\"38215\";s:5:\"title\";s:105:\"Please end Lockdown, our husbands want to kill us with Sex – Ghanaian Women begs President Nana (video)\";s:3:\"uid\";s:1:\"1\";s:9:\"pageviews\";s:5:\"26455\";}i:8;O:8:\"stdClass\":4:{s:2:\"id\";s:5:\"10652\";s:5:\"title\";s:78:\"Photos: Corps member who died after washing hair with Sniper buried amid tears\";s:3:\"uid\";s:1:\"1\";s:9:\"pageviews\";s:5:\"26073\";}i:9;O:8:\"stdClass\":4:{s:2:\"id\";s:5:\"12927\";s:5:\"title\";s:78:\"FBI arrest Forbes\' celebrated Young Nigerian billionaire for $12 million fraud\";s:3:\"uid\";s:1:\"1\";s:9:\"pageviews\";s:5:\"25646\";}}s:36:\"\0WordPressPopularPosts\\Query\0options\";a:22:{s:5:\"title\";s:14:\"Blog Top Posts\";s:5:\"limit\";s:2:\"10\";s:6:\"offset\";i:0;s:5:\"range\";s:3:\"all\";s:9:\"time_unit\";s:3:\"day\";s:13:\"time_quantity\";s:2:\"14\";s:9:\"freshness\";s:1:\"1\";s:8:\"order_by\";s:5:\"views\";s:9:\"post_type\";s:4:\"post\";s:3:\"pid\";s:0:\"\";s:7:\"exclude\";s:0:\"\";s:6:\"author\";s:0:\"\";s:3:\"cat\";s:0:\"\";s:8:\"taxonomy\";s:8:\"category\";s:7:\"term_id\";s:0:\"\";s:13:\"shorten_title\";a:3:{s:6:\"active\";b:0;s:6:\"length\";s:2:\"25\";s:5:\"words\";b:0;}s:12:\"post-excerpt\";a:4:{s:6:\"active\";b:0;s:6:\"length\";s:2:\"75\";s:11:\"keep_format\";b:0;s:5:\"words\";b:0;}s:9:\"thumbnail\";a:6:{s:6:\"active\";b:1;s:5:\"build\";s:6:\"manual\";s:5:\"width\";s:3:\"320\";s:6:\"height\";s:3:\"165\";s:4:\"crop\";b:1;s:4:\"size\";s:0:\"\";}s:6:\"rating\";b:0;s:9:\"stats_tag\";a:6:{s:13:\"comment_count\";b:0;s:5:\"views\";b:1;s:6:\"author\";b:0;s:4:\"date\";a:2:{s:6:\"active\";b:0;s:6:\"format\";s:6:\"F j, Y\";}s:8:\"category\";b:0;s:8:\"taxonomy\";a:2:{s:6:\"active\";b:1;s:4:\"name\";s:8:\"category\";}}s:6:\"markup\";a:6:{s:11:\"custom_html\";b:0;s:11:\"title-start\";s:4:\"<h2>\";s:9:\"title-end\";s:5:\"</h2>\";s:9:\"wpp-start\";s:42:\"<ul class=\"wpp-list wpp-cardview-compact\">\";s:7:\"wpp-end\";s:5:\"</ul>\";s:9:\"post-html\";s:164:\"<li class=\"{current_class}\"><div class=\"wpp-thumbnail-container\">{thumb}<div class=\"taxonomies\">{taxonomy}</div></div> <div class=\"wpp-item-data\">{title}</div></li>\";}s:5:\"theme\";a:2:{s:4:\"name\";s:0:\"\";s:7:\"applied\";b:0;}}}', 'off') ON DUPLICATE KEY UPDATE `option_name` = VALUES(`option_name`), `option_value` = VALUES(`option_value`), `autoload` = VALUES(`autoload`)

Expressive Info

Get the Latest News, Trends and Gossips

Rice Farmers React as CBN Lifts Ban, Naira Slumps to N1,155/$1

Enjoy this blog? Please spread share.