The Central Bank of Nigeria (CBN) has announced the allocation of 2.15 million bags of fertiliser, valued at over N100 billion, to the Ministry of Agriculture and Food Security.
In collaboration with the Ministry of Agriculture and Food Security, CBN plans to mitigate the surge in food prices, the apex bank said in a statement on Wednesday.
CBN Governor, Olayemi Cardoso, reportedly said 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.
Governor Cardoso stresses the critical need to address food inflation as a pivotal aspect of managing headline inflation rates.
“The CBN has veered away from direct quasi-fiscal interventions and transitioned towards leveraging conventional monetary policy tools for executing monetary policies effectively,”
He added that the Central Bank’s fertiliser contribution aims to amplify food production capabilities and foster price stabilization within the agricultural sector.
“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”.
