WED, MAR 13 2024-theGBJournal| The Central Bank of Nigeria (CBN) on Wednesday announced the allocation of 2.15 million bags of fertiliser, valued at over N100 billion to the Ministry of Agriculture and Food Security.
The Central Bank said the fertiliser contribution aims to amplify food production capabilities and foster price stabilization within the agricultural sector.
According to the CBN Governor, Yemi Cardoso, “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”
The apex bank collaborated with the Ministry of Agriculture and Food Security on the allocation, and says it plans to mitigate the surge in food prices.
Cardoso assures 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 also stressed 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 said.
X-@theGBJournal|Facebook-the Government and Business Journal|email:gbj@govbusinessjournal.com|govandbusinessj@gmail.com
