The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, on Tuesday, March 23, blamed Nigeria’s rising rate of inflation on the insecurity in the country.
Emefiele who made this remark while presenting the communique from the Monetary Policy Committee (MPC) meeting said that the purchasing power of the country’s currency has increased for the 18th consecutive month.
Mr Emefiele said that despite the banks’s significant intervention in the agricultural sector, insecurity was limiting supply to the market. He added that the inflation led to the hike in petrol pump price, electricity tariff, and Naira depreciation.
The CBN governor then urged stakeholders to collaborate with the federal government to tackle the challenge and assured that the CBN would continue to use its interventions to boost food security in the country.