Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso has said inflationary pressures, driven predominantly by escalating food prices, may persist in the short term.
TheNewsGuru.com (TNG) reports Cardoso said this while announcing the allocation of 2.15 million bags of fertiliser to the Ministry of Agriculture and Food Security on Wednesday.
According to the CBN Governor, the 2.15 million bags of fertiliser are valued at over N100 billion.
Cardoso said the apex bank was collaborating with the Ministry of Agriculture and Food Security to mitigate the surge in food prices in the country.
He stressed CBN’s fertiliser contribution is aimed at amplifying food production capabilities and foster price stabilization within the agricultural sector.
Cardoso, meanwhile, assured that the apex bank will continue to implement comprehensive measures to curb inflation in the country.
Cardoso stressed 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.
“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 said.