Insecurity Increasing Nigeria's inflation - CBN boss, Emefiele
Afnews Editor
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.
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He made the remark on Tuesday while presenting the communique from the Monetary Policy Committee (MPC) meeting.
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The decline in purchasing power has increased for the 18th consecutive month and the CBN chief blamed unsafe food-producing areas.
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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.
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The governor said while the bank was making significant intervention in the agricultural sector, insecurity was limiting supply to the market.
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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.
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Emefiele assured that the CBN would continue to use its interventions to boost food security in the country.
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