Surge in food price : CBN allocates N100bn worth of fertilizer to Ministry of Agriculture

The Central Bank of Nigeria (CBN) has collaborated with the Ministry of Agriculture and Food Security to mitigate the surge in food prices wiith the allocation of 2.15 million bags of fertiliser, valued at over N100 billion, to the Ministry.

The Govenor, CBN, Olayemi Cardoso stated 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.

Cardoso stresses 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.”