The Central Bank of Nigeria (CBN) on Wednesday announced that it has collaborated with the Ministry of Agriculture and Food Security to mitigate the surge in food prices.
The Govenor, CBN, Olayemi Cardoso disclosed that the apex bank has allocated 2.15 million bags of fertiliser, valued at over N100 billion, to the Ministry of Agriculture and Food Security.
Cardoso stated on X ( former Twitter) that the apex bank’s fertiliser contribution aims to amplify food production capabilities and foster price stabilization within the agricultural sector. #Fertiliser #NgrFoodSecurity
Cardoso assured that the Bank will continue to implement comprehensive measures to curb inflation but notes that inflationary pressures may persist, predominantly driven by escalating food prices, in the short term.
Inflation rate in Nigeria increased to 29.90 per cent January 2024, drive by insecurity in food producing states, among other factors.
Cardoso stressed the critical need to address food inflation as a pivotal aspect of managing headline inflation rates.
He said, “The CBN has veered away from direct quasi-fiscal interventions and transitioned towards leveraging conventional monetary policy tools for executing monetary policies effectively.
“My team and I reiterate our unwavering commitment to prioritising price stability and instilling confidence in the Nigerian economy by upholding consumer price stability and ensuring a balanced foreign exchange market.”
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