CBN ALLOTS 100 BILLION NAIRA TO THE MINISTRY OF AGRICULTURE

The Governor of the Central Bank of NigeriaCBN, OLAYEMI CARDOSO has announcedthe allocation of 100 billion Naira and 2.15 million bags of fertilizers to the Ministry of Agriculture to cushion the effects of high prices of food in the country.

 CARDOSO who revealed this yesterday 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 said they believe that providing support to farmers would help mitigate the high food prices currently bedeviling the nation.

 He said the CBN has turned away from direct quasi-fiscal interventions and transitioned towards leveraging conventional monetary policy tools for executing monetary policies effectively.

 The governor said they aim to enhance their partnership with the Ministry of Agriculture, strengthening their endeavors to enhance food productivity and security