CBN Hands Over 2.1m Bags of Fertiliser Worth N100bn to Agric Ministry, Increases Exchange Rate for Customs Duties

The Central Bank of Nigeria (CBN) on Wednesday in Abuja handed over 2.1 million bags of fertiliser valued at N100 billion to the Federal Ministry of Agriculture and Food Security for distribution to farmers ahead of the wet season farming.

The move is aimed at addressing food inflation and price stability in the agricultural sector.

CBN Governor Olayemi Cardoso, in his address, said the allocation of the fertilisers is part of the bank’s efforts to support the Ministry of Agriculture in enhancing food productivity and security, ultimately curbing food inflation and fortifying the pursuit of price stability.

In other news, the CBN has increased the exchange rate for calculating Customs duties at the country’s seaports by 1.9 percent to N1.624.732 per $1.

This is the latest in a series of adjustments since February 2, when the rate was raised from N951.941 to N1,356.883 per US dollar.

Dr. Eugene Nweke, former President of the Nigerian Association of Approved Freight Forwarders (NAGAFF), expressed concerns about the impact of these adjustments on the economy, stating that no economy can survive a situation of uncertainty.

Clearing agent Subaru Abdul also pointed out that the recent rise in the exchange rate for Customs duties will further worsen inflation in the country, as manufacturers will increase their product prices to make a profit.