CBN hands over 2.1m bags of fertiliser worth N100bn to agric ministry

The Central Bank of Nigeria on Wednesday in Abuja handed over 2.1 million bags of fertiliser to the Federal Ministry of Agriculture and Food Security for onward distribution to farmers ahead of the wet season farming.

The CBN in a post on its X handle (Formerly Twitter) said the decision reinforces the critical need to address food inflation as a pivotal aspect of managing overall headline inflation rates, adding that the bags of fertilisers are valued at N100 billion.

In his address, the Central Bank governor, Olayemi Cardoso said “In pursuit of these shared goals, we are delighted to announce the allocation of 2.15 million bags of fertiliser, valued at over 100 billion naira, which we humbly hand over to the Ministry of Agriculture and Food Security.

“This contribution from the Central Bank aims to amplify food production capabilities and foster price stabilisation within the agricultural sector,”

“we aim to extend our support and foster closer ties with Ministries, Departments, and Agencies (MDAs) with the mandate and expertise to undertake these critical initiatives. Consequently, we aim to enhance our partnership with the Ministry of Agriculture, bolstering your endeavours to enhance food productivity and security, ultimately curbing food inflation and fortifying our pursuit of price stability,” he added.

Meanwhile, the CBN has again increased the exchange rate for calculating Customs duties at the country’s seaports by 1.9 per cent to N1.624.732 per $1

The latest adjustments were revealed on the official portal of the Nigeria Customs Service which showed that the rate was raised from N1,593.888 to N1.624.732 per $1

On February 2, the CBN adjusted the exchange rate for calculating import duties from N951.941 to N1,356.883 per US dollar; on February 3, it was raised to N1,413.62/$; on February 10, it was raised to N1,417.635/$; on February 12, it was also reviewed to N1, 444.56/$ and February 14, the rate went up to N1, 481.482/$.

Subaru Abdul, a clearing agent, said the recent rise would further worsen the inflation in the country as businessmen would sell at the prevailing Duty.

“It is currently hard for those of us in the business of inspiration. Manufacturers will increase their product in order to make profit” he added.

Dr. Eugene Nweke, former President of the Nigerian Association of Approved Freight Forwarders (NAGAFF), said no economy survive a situation of uncertainty.