The Central Bank of Nigeria has allocated N100bn and 2.15 million bags of fertilisers to the Ministry of Agriculture, to reduce the effects of high prices of food in the country.
Governor of the apex bank, Olayemi Cardoso made this known during a meeting with the Minister of Agriculture and Rural Development, Mohammad Abubakar, and the Minister of Agriculture and Food Security, Abubakar Kyari at the ministry’s headquarters in Abuja on Wednesday.
While speaking, Cardoso said the apex bank believed in supporting farmers as it would help mitigate high food prices presently bedevilling the nation.
In his statement, he expressed how CBN has moved away from direct quasi-fiscal interventions and transitioned towards leveraging conventional monetary policy tools for executing monetary policies effectively.
Cardoso expressed that this partnership with the Ministry of Agriculture would bolster it’s endeavours to enhance food productivity and security, ultimately curbing food inflation and fortifying the pursuit of price stability.