FOOD Insecurity: CBN Collaborates with Min of Agric and Food Security to Control Price Hike…details

Central Bank of Nigeria collaborates with the Ministry of Agriculture and Food Security to mitigate the surge in food prices.

CBN announces the allocation of 2.15 million bags of fertiliser, valued at over 100 billion naira, to the Ministry of Agriculture and Food Security.

Govenor Cardoso says the Central Bank’s fertiliser 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

“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” – cardoso