Currency devaluation to affect Nigeria's crop production
Groundnut Meal
Whole Ginger
Simon Edegbo
Published Aug 1, 2021
The recent further devaluation of the Naira against the US dollar due to the Central Bank's policy on Bureau De Change operations and drop in global crude oil prices(Nigeria's key foreign-exchange earner) amongst other factors, are said to have adverse effects on crop production and protection this farming season. The costs to import and distribute farm inputs and pesticides have increased significantly, leading to increased retail prices to farmers, hence limiting their ability to procure sufficient quantities of inputs required for optimum crop yield. It is forecasted that this will reflect in produce and commodity prices at harvest.
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