Economy

Emefiele blames banditry, Kidnappings, insurgency for inflation

The Governor of the Central Bank of Nigeria, Godwin Emefiele, Bank of Nigeria (CBN) says  that the country’s rising inflation was due to insecurity.

Emefiele made this statement  while presenting the communique from the Monetary Policy Committee (MPC) meeting.

Recall that the rate of inflation has been experiencing upward trajectory to 17.33 percent at the end of February 2021 from 16.47 percent in January 2021, according to Emefiele.

He lamented that banditry and Insurgency is limiting supply to the market, noting that the apex bank was making significant intervention in the agricultural sector,

The CBN Governor called on stakeholders to cooperate with the federal government to tackle the challenge.

Acccording to Emefiele, the hike in petrol pump price, electricity tariff, and Naira depreciation was due inflation.

Emefiele  that the CBN would continue to try its best on  interventions to boost food security

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