We will use rice and wheat to shore up the Naira - Osinbajo

To ease the pressure on the naira, the Federal Government plans to collaborate with farmers in rice producing states to boost the production of the commodity.

According to Vice President Yemi Osinbajo, self-sufficiency in rice and wheat production will boost the value of the local currency which currently exchanges for N197 to the dollar at the official market.

Osinbajo said that the Federal Government was exploring self-sufficiency in rice and wheat production as a means of diversifying the economy and strengthening the naira.

He said ; “We are trying to ensure that we are self-sufficient in rice  and wheat production, so that there will be less pressure on the dollar. One of the major issues is that we have to earn more foreign exchange to raise the value of the naira. We also have to do more business internally to  raise the value of the naira. So diversifying the economy is an important way to strengthen the value of the naira.”