The Central Bank of Nigeria (CBN) has collaborated with the Ministry of Agriculture and Food Security to mitigate the surge in food prices.
CBN on Wednesday, March 13, announced the allocation of 2.15 million bags of fertilizer, worth over 100 billion naira, to the Ministry of Agriculture and Food Security.
Sharing photos on its X handle on Wednesday, CBN wrote: “Central Bank of Nigeria collaborates with the Ministry of Agriculture and Food Security to mitigate the surge in food prices. #NgrFoodSecurity #CBN
“CBN announces the allocation of 2.15 million bags of fertilizer, valued at over 100 billion naira, to the Ministry of Agriculture and Food Security.
“Governor Cardoso says the Central Bank’s fertilizer contribution aims to amplify food production capabilities and foster price stabilization within the agricultural sector
“Mr. Olayemi 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 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,” – Cardoso”
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