The Central Bank of Nigeria Governor, Mr Godwin Emefiele, announced that about 500,000 bags of local rice were sold by millers within one week of the border closure.
After meeting with President Muhammadu Buhari in Abuja, Emefiele announced on Monday.
He claimed that the Chairman of the Association of Rice Producers lamented him for having 25,000 metric tons of local rice in their warehouses in rice mills and processors throughout the country and urged that something should be done to keep the businesses alive.
The governor of the CBN, who highlighted that he received the complaint before the borders of the nation was closed, said that one week after closing, the same person called that all the rice in their warehouses had been sold.
“The chairman of the Association of Rice Processors recently told me that all rice millers and processors were bringing 25,000 metric tons of milled rice into their stores, and he said they were unsold because of smuggling and dumping of rice through the Republic of Benin and other border stations across the country.
Emefiele continued, “I am also aware that the border was subsequently closed after some meetings, in addition to those agreements we had with the president.
The same Rice Millers Association has called a week after the borders were closed, to say that every rice in its warehouses was sold.
“There’s been a lot of people depositing cash into their account and asking them to hang on until the rice is processed.”