The Rice Processors Association of Nigeria, RIPAN, has agreed to slash the price of 50kg bag of processed rice to N19,000 ahead of the Yuletide.
The decision was taken on Tuesday, December 1 in collaboration with the Central Bank of Nigeria, (CBN).
A task force headed by the Managing Director of Tiamin Rice, Aminu Ahmed, said they will monitor and ensure compliance with the new price regime effective from December 14.
The price of rice rose to as high as N30,000 following hoarding and continued closure of the nation’s land borders by the Buhari administration.
Since the ban on rice import, some persons have been engaging in buying and storing the paddy, making huge profits.
The current market price ranges from N28,000 to N30,000 per bag.
Worried by the rising prices, Mr Ahmed said RIPAN has agreed to peg the price at N19,000 in order to support the federal government in its efforts to ease hardship in the country.
He said the rice processors have also pegged the price of paddy at N160 per kg or N160,000 to 165,000 per tonne. According to him, once the prices of paddy crash, the price of processed rice would also crash.