Revealed! CBN governor blames government for high food inflation

• The politician of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said the Nigerian authorities is liable for inflation
• He said the assorted palliative initiatives of the national government, which purchases precocious items, are to blasted for nutrient inflation
• He said that contempt the measures taken by the CBN to code inflation, nutrient ostentation has remained stubborn 

Legit.ng's Pascal Oparada has reported connected tech, energy, stocks, concern and the economy for implicit a decade.

The politician of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said that the monolithic acquisition of nutrient items for the Nigerian government's palliative is contributing to the rising nutrient ostentation successful the country.

Cardoso stated this during the March Monetary Policy Committee (MPC) meeting, published connected the apex bank's website.

Governor of the CBN, Olayemi Cardoso blames the authorities for nutrient inflation Credit: CBN
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CBN increases involvement complaint to power inflation

The MPC raised the benchmark interest rate to 24.75% from 22.75%, which it said was to tackle precocious inflation.

However, Nigeria's ostentation complaint raced to 33.2% successful March, with food ostentation hitting 40.01%, a yearly summation of 15.56 percent points from 24.45% recorded successful March 2023.

The National Bureau of Statistics (NBS) said the rising prices of items specified arsenic garri, millet, yam tuber, h2o yam, and others could origin the surge successful nutrient inflation.

The Nigerian authorities approved N5 cardinal for each authorities and the Federal Capital Territory pursuing the removal of petrol subsidy to alteration them to acquisition nutrient items for organisation to people experiencing poverty.

The CBN politician noted that inflationary unit had failed to thaw contempt the emergence successful involvement rates successful February.

CBN politician reveals crushed nutrient ostentation remains high

According to Cardoso, inflationary unit remains precocious contempt notable stableness successful the FX market, which results from decisions made astatine the MPC meeting.

Punch reports that the CBN brag further said that the fiscal authorities amended handled the caller sources of ostentation to complement monetary argumentation efforts.

Bala Bello, different MPC member, said some nutrient and halfway ostentation accrued successful February 2024, underpinning the emergence successful header ostentation to 31.70% from 29.90% successful the erstwhile month.

"Inflation is presently unacceptably precocious and requires decisive and coordinated efforts to curb it, fixed its adverse interaction connected citizens' purchasing power, concern decisions and wide output performance," helium said.

Bala stated that the national government's programmes addressing nutrient insecurity, specified arsenic releasing grains from the strategical reserves, distributing seeds and fertilisers, and supporting dry-season farming, are indispensable and commendable.

CBN fintech to suspend relationship opening

Legit.ng antecedently reported that 4 fiscal technology companies person suspended relationship openings pursuing Know Your Customer (KYC) challenges.

Two outgo companies, Opay and PalmPay, and 2 integer microfinance banks, Kuda Bank and Moniepoint, suspended relationship opening successful airy of the caller KYC regularisation ordered by the Central Bank of Nigeria (CBN).

The improvement comes 2 days aft the Economic and Financial Crimes Commission (EFCC) blocked astir 1,146 accounts successful unauthorised forex dealings.

Source: Legit.ng