Governor of Nigeria's apex bank, CBN, Godwin Emefiele, has said the country’s intractable inflation was a consequence of insecurity.
He spoke yesterday, 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.
Inflation continued on an upward rise 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 further traced the hike in petrol pump price, electricity tariff, and Naira depreciation to inflation.
The CBN chief assured the CBN would continue to use its interventions to boost food security in the country.
