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Insecurity Worsens Nigeria’s Inflation – CBN Boss, Emefiele by kennyify88: 12:13pm On Mar 24, 2021 |
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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