THE Central Bank of Nigeria (CBN) has phased out high-interest foreign exchange (FX) swaps to stabilise financial markets.
It has settled 80 per cent of FX forward obligations, thereby boosting liquidity and market confidence.
Deputy Governor, Monetary Policy, Mohammed Sani Dattijo, said the CBN has also maintained robust external reserves to support exchange rate appreciation.
He stated these in a presentation titled “Enhancing FX Market Efficiency” at a meeting of the Economic Management Team (EMT) convened by the Federal Government to assess critical economic policies and progress in key sectors.
Sani highlighted the launch of the Electronic Foreign Exchange Matching System (EFEMS), which aims to improve transparency and enhance market operations.
The meeting, chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, focused on strengthening economic resilience.
A statement by Mohammed Manga, Director, Information and Public Relations at the Ministry of Finance, said the meeting noted efforts to address market reforms and agricultural performance.
Edun commended the progress made in the foreign exchange and agricultural sectors.
He urged stakeholders to accelerate efforts toward achieving economic stability, food security, and sustainable growth.
He emphasised the importance of coordinated implementation of policies to support President Bola Ahmed Tinubu’s Renewed Hope Agenda, aimed at ensuring affordable food and improved living conditions for Nigerians.
Minister of Agriculture, Senator Abubakar Kyari, presented a report on the 2024 wet season performance, revealing a 4.5 per cent increase in overall crop production.
However, millet production declined slightly by 0.2 per cent.
The minister expressed concern over rising production costs, particularly maize, which surged by 69.7 per cent, and significant food price increases, with cowpea prices rising by 300 per cent.
He lamented the food crises reported in 31 states, which have severely impacted the Northeast.
Despite these challenges, there were slight improvements in mechanisation and farmland expansion, with a two per cent increase in tractor use and a 2.3 per cent rise in cultivated farmland.