speculation. to address exchange rate volatility, a comprehensive strategy has been initiated to enhance liquidity in the fx markets. this includes unifying fx market segments, clearing outstanding fx obligations, introducing new operational mechanisms for bdcs and imtos, enforcing the net open position limit, open market operations and adjusting the remunerable standing deposit facility cap among others. distinguished senators, these measures, aimed at ensuring a more market - oriented mechanism for exchange rate determination, will boost foreign exchange inflows, stabilize the exchange rate, and minimize its pass - through to domestic inflation. indeed, they have already started yielding early results with significant interest from foreign portfolio investors ( fpis ) that have already begun to supply the much - needed foreign exchange to the economy. for example, upwards of $ 1 billion in the last few days came in to subscribe to the nigeria treasury bill auction of 1 trillion naira which saw an oversubscription earlier this week. our measures aimed at improving usd supply into the nigerian economy, has significant potential in taming the volatility of the exchange rates. however, for these measures to be sustainable, we must as a country, moderate our demand for fx. distinguished senators, we must understand that the genuine issue impacting the exchange rate is the simultaneous decrease in the supply of, and increase in the demand for, us dollars. it is also clear that the task of stabilizing the exchange rate, while an official mandate of the cbn, would necessitate efforts beyond the bank itself. it will also include actions by corporates and individuals to reduce our frequent demand for the dollar for business and personal needs. i would like to underscore the importance of the ongoing collaboration between the fiscal and monetary authorities and particularly progress made on tackling a number of the issues challenging our economy today. conclusion in conclusion, distinguished senators, we understand the economic costs of these developments not just for the economy, but also as they affect ordinary nigerians. 3 / 4 bis - central bankers'speeches however, as i have mentioned in previous engagements, these costs are temporary, and our decisions will address a lot of fundamental issues bothering nigeria's macroeconomic landscape and ultimately put us on a surer path to prosperity. i look forward to providing more information during the q & a session. thank you. 4 / 4 bis - central bankers'speeches

to the market as we strive to manage inflation and grow the rice value chain in nigeria. 12. the resuscitation of the nigeria commodity exchange ( ncx ) is another strategic initiative to enhance the food security drive of your administration. a vibrant commodity exchange will significantly enhance post - harvest handling, reduce wastages and guarantee effective pricing for farmers. it will also minimize the adverse effects of the activities of middlemen, commodity hoarders and ultimately transfer the gains from primary production to other nodes of the value chain. this aligns with our resolve to take outputs as loan repayment under the abp and the produce will drive the operations of the commodity exchange going forward. 13. we have deepened our stakeholders'engagement to increase the arable land under cultivation and improve the productivity per hectare using improved seeds and agronomic practices. we are currently exploring a new rice seed variety with rifan that has potential to deliver over 8 tons per ha. the pilot programme should commence in the 2022 dry season, and it has the potential of being the game changer for the rice sector in nigeria. we will work with the various seed certification authorities and explore the possibility of patenting it for rifan as part of their legacies under the programme. 14. your excellencies, distinguished ladies and gentlemen, all of the achievements i have highlighted above would not have been possible without the leadership and vision of president buhari. these accomplishments also show that with the right leadership and vision, we can meet any and every challenge in this country. covid - 19 has shown that we cannot rely on imports and hence we must chart our own path to attaining selfsufficiency in our basic needs as a nation. and this must become our preeminent preoccupation going forward. 15. your excellency mr. president, sir, we have other events like the unveiling of maize pyramids by maan and the unveiling of inaugural rice pyramids in the south - south and south - east zone lined up for the year. we will surely be beckoning on you sir to grace these events. 16. mr. president, distinguished ladies and gentlemen, on behalf of the management of the central bank of nigeria and the nigerian farmers, i thank you all for being part of this event and may god bless nigeria. 3 / 3 bis - central bankers'speeches