The Central Bank of Nigeria believes that the reason for the continued high cost of food in the market is due to the activities between the farms and markets.
CBN Governor, Godwin Emefiele, said such activities include transportation of produce from the farms to the markets, as well as hoarding by traders who buy produce in large quantities.
Emefiele was responding to a question about why the rice pyramids that were displayed in Abuja last week have not translated to a reduction of the price of the commodity in the market.
Emefiele said the Central Bank was trying to see what can be done to encourage smooth transportation of farm produce and reduce the effect of greedy business people.