The Central Bank of Nigeria (CBN) on Friday said it has disbursed the sum of N30 billion to oil palm producers across the country.

The CBN says the initiative is aimed at ensuring massive production of the oil palms in the country.

Governor of Central Bank, Godwin Emefiele, disclosed this at a meeting with stakeholders in the Oil Palm industry, in Abuja.

Emefiele also disclosed that the CBN had commenced investigations into the accounts of suspected palm oil smugglers, vowing to sanction culprits.

According to him, he was under a strict presidential directive that palm oil importation must stop and that his team at the CBN were determined to assist its producers to produce enough for local consumption and even export.

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