Godwin Emefiele, Governor of the Central Bank of Nigeria
(CBN), has said that the country’s rising inflation was due to insecurity.
He made the remark on Tuesday while presenting the
communique from the Monetary Policy Committee (MPC) meeting.
The decline in purchasing power has increased for the 18th
consecutive month and the CBN chief blamed unsafe food-producing areas.
The inflation continued on an upward to 17.33 percent at the
end of February 2021 from 16.47 percent in January 2021, according to Emefiele.
The governor said while the bank was making significant
intervention in the agricultural sector, insecurity was limiting supply to the
market.
Emefiele urged stakeholders to collaborate with the federal
government to tackle the challenge.
He also attributed the hike in petrol pump price,
electricity tariff, and Naira depreciation to inflation.
Emefiele assured that the CBN would continue to use its
interventions to boost food security in the country.
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