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  • Tougher times for cashew processors as raw cashew nut spikes

    Feb 18th, 2016

    The National Cashew Association of Nigeria (NCAN), on Thursday said the spike in prices of raw cashew nuts would hurt its processors.

    Mr Sotonye Anga, National Publicist of the association, told the News Agency of Nigeria (NAN), in Lagos that raw cashew nut now sells at N260, 000 per metric ton.

    Anga said the official CBN exchange rate of N198 to a dollar had hampered exporters’ purchase of the commodity at N260, 000, except for those smuggling dollars into the country. “Except for those bringing in dollars illegally and exchanging at the parallel market through bureau de change, the high cost of cashew nuts will hurt local cashew processors seriously.

    “Somehow, we just have to work out a win-win situation for all the cashew value chain players, a situation to arrive at a right price that will be a win for cashew farmers, processors and exporters.

    “Presently, we are studying the cashew situation nationwide particularly in Kogi, Kwara, Edo, Oyo and Enugu, in comparison with what obtains globally, to have a price that is sustainable and realistic.

    “We hope to achieve the right balance and we will not hesitate to ask for government’s help where the need arises’’, Anga said. He told NAN that the association’s core objective was to ensure a sustainable development and growth for Nigeria’s cashew industry.

    NAN reports that the association had said that from enquiry of the cashew season across the country, farmers were smiling to the bank as the price per metric ton had risen to N260, 000.

    In the report, Anga said that processors and exporters were scrambling for the little cashew available as the change in weather had affected production.