By Femi Alabi
The Central Bank of Nigeria (CBN) has said that it is ready to lessen the surge in food prices by collaborating with the Ministry of Agriculture and Food Security.
The Governor of CBN, Olayemi Cardoso on the official X handle of the bank announced the allocation of 2.15 million bag of fertilizer valued at over 100 billion Naira to the Ministry of Agriculture and Food Security.
He held that the Central Bank’s fertiliser contribution aims to amplify food production capabilities and foster price stabilization within the agricultural sector.
Cardoso assured that the Bank will continue to implement comprehensive measures to curb inflation,noting that inflationary pressures may persist, predominantly driven by escalating food prices, in the short term.
He stressed that the critical need to address food inflation as a pivotal aspect of managing headline inflation rates.
The CBN Governor 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” .