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Nigeria's National Fertiliser Technical Committee chairman, Prof. Victor Chude, said high fertiliser costs stem from the central bank's decision to stop providing foreign exchange to fertiliser importers.
Importers must now buy dollars on open markets at a high naira rate. Chude warned this threatens food security.
Importers forced to buy FX at open-market rates face higher landed costs for fertiliser and blending materials such as DAP. This will keep Nigerian fertiliser prices elevated and may reduce application.
firstnigeriatv.comOjomo Olusegun AdebamboAug 9, 2019After 151 past bullish policy events, DAP moved a median +0.0% over 5 sessions (50% higher; middle half -0.6% to +0.9%), and +1.9% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
