To address the surge in food prices, the Central Bank of Nigeria (CBN) has collaborated with the Ministry of Agriculture and Food Security, announcing the allocation of 2.15 million bags of fertiliser valued at over 100 billion naira.
Governor Cardoso of the CBN stated that this contribution aims to bolster food production capabilities and foster price stabilization within the agricultural sector. The move comes amidst concerns over escalating food prices and their impact on inflation rates.
Mr. Olayemi Cardoso assured the public of the Central Bank’s commitment to implementing comprehensive measures to curb inflation. However, he cautioned that inflationary pressures may persist in the short term, primarily due to rising food prices.
Cardoso highlighted the critical need to address food inflation, highlighting its pivotal role in managing headline inflation rates. He stated, “The CBN has veered away from direct quasi-fiscal interventions and transitioned towards leveraging conventional monetary policy tools for executing monetary policies effectively.”
Cardoso reiterated his team’s unwavering commitment to prioritizing price stability and instilling confidence in the Nigerian economy. He emphasized the importance of upholding consumer price stability and ensuring a balanced foreign exchange market.