Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN), has blamed the country’s rising inflation on insecurity.
The apex bank governor, who spoke on Tuesday while presenting the communique from the Monetary Policy Committee (MPC) meeting, noted that there had been a decline in Nigerians’ purchasing power for the 18th consecutive month.
The inflation continued on an upward trend 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.
Other factors impacting inflation, according to him, include the hike in petrol pump price, electricity tariff and Naira depreciation.
Emefiele assured that the CBN would continue to use its interventions to boost food security in the country.
