The bank has successfully settled 80 percent of its FX forward obligations, which has enhanced liquidity and bolstered market confidence.
Muhammad Sani Abdullahi, Deputy Governor, Economic Policy Directorate, noted that the CBN has also maintained strong external reserves to facilitate exchange rate appreciation.
He made these remarks during a presentation titled “Enhancing FX Market Efficiency” at a meeting of the Economic Management Team (EMT) organized by the Federal Government to evaluate essential economic policies and advancements in key sectors.
Sani emphasized the introduction of the Electronic Foreign Exchange Matching System (EFEMS), designed to improve transparency and optimize market operations.
The meeting, led by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, concentrated on reinforcing economic resilience.
A statement from Mohammed Manga, Director of Information and Public Relations at the Ministry of Finance, indicated that the meeting acknowledged ongoing efforts to implement market reforms and enhance agricultural performance.
Edun praised the advancements made in both the foreign exchange and agricultural sectors.
He called on stakeholders to intensify their efforts to achieve economic stability, food security, and sustainable growth.
He stressed the necessity of coordinated policy implementation to support President Bola Ahmed Tinubu’s Renewed Hope Agenda, which aims to ensure affordable food and improved living standards for Nigerians.
Senator Abubakar Kyari, the Minister of Agriculture, presented a report on the performance of the 2024 wet season, indicating a 4.5 percent increase in overall crop production, although millet production experienced a slight decline of 0.2 percent.
The minister raised alarms regarding the escalating production costs, especially for maize, which has seen a staggering increase of 69.7 percent, alongside notable surges in food prices, with cowpea prices soaring by 300 percent.
He expressed deep concern over the food crises affecting 31 states, particularly in the Northeast region, where the impact has been profound.
In spite of these difficulties, there have been modest advancements in mechanization and the expansion of farmland, evidenced by a 2 percent increase in tractor usage and a 2.3 percent growth in cultivated land.
The Ministry of Agriculture has set forth ambitious objectives for 2025, aiming to enhance food security through the production of hybrid seeds, the adoption of innovative technologies, and the implementation of climate-smart agricultural practices. Additionally, there are plans to promote export crops such as cocoa, sesame, and ginger, as well as to improve rural infrastructure by developing cold chain facilities, feeder roads, and electrification.