Government Policies and Currency Devaluation Impacting Food Prices in Nigeria

Government actions, including currency devaluation, removal of fuel subsidies, and the introduction of new bank notes, have led to a significant increase in food prices in Nigeria. The change in bank notes caused challenges in rural areas, where cash transactions are prevalent. Weakening currency, due to inconsistencies in foreign exchange rates, has further exacerbated the situation, with a 40% fall of the Naira against the dollar. Moreover, the removal of fuel subsidies has made it more costly to operate farming machinery and transport produce. These factors have collectively driven up the prices of imported food items, seeds, and fertilizers, affecting both consumers and farmers in the country.