By Chioma Obinagwam
Nigeria’s apex bank, the Central Bank of Nigeria (CBN) has announced the allocation of 2.15 million bags of fertiliser, valued at over 100 billion naira, to the Ministry of Agriculture and Food Security.
Confiance News gathered from the official X handle of the CBN.
The CBN governor, Olayemi Cardoso said the Central Bank’s fertiliser contribution aims to amplify food production capabilities and foster price stabilization within the agricultural sector.
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,” he continued.
Cardoso stresses the critical need to address food inflation as a pivotal aspect of managing headline inflation rates.
