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Market Digest Nigeria

Finance

Insecurity worsens Nigeria’s inflation -CBN boss

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Insecurity worsens Nigeria’s inflation Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN),

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The decline in purchasing power has increased for the 18th consecutive month and the CBN chief blamed unsafe food-producing areas.

The inflation continued on an upward 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 also attributed the hike in petrol pump price, electricity tariff, and Naira depreciation to inflation.

Emefiele assured that the CBN would continue to use its interventions to boost food security in the country.

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