Godwin Emefiele, Governor of the Central Financial institution of Nigeria (CBN), has stated that the nation’s rising inflation was attributable to insecurity.
He made the comment on Tuesday whereas presenting the communique from the Financial Coverage Committee (MPC) assembly.
The decline in buying energy has elevated for the 18th consecutive month and the CBN chief blamed unsafe food-producing areas.
The inflation continued on an upward to 17.33 % on the finish of February 2021 from 16.47 % in January 2021, in line with Emefiele.
The governor stated whereas the financial institution was making important intervention within the agricultural sector, insecurity was limiting provide to the market.
Emefiele urged stakeholders to collaborate with the federal authorities to sort out the problem.
He additionally attributed the hike in petrol pump worth, electrical energy tariff, and Naira depreciation to inflation.
Emefiele assured that the CBN would proceed to make use of its interventions to spice up meals safety within the nation.
Insecurity worsens Nigeria’s inflation – CBN boss, Emefiele