CBN Governor Explains Reason Food Items Are Expensive in Nigeria

The Governor of the Central Bank of Nigeria, CBN, Olayemi Cardoso, has said the huge purchases of food items by the government as palliatives for distribution to vulnerable citizens is a contributor to the galloping food inflation in the country.
Cardoso made this disclosure in his contributions during the March Monetary Policy Committee meeting, which was published on the CBN website on Monday.
At the meeting, the Monetary Policy Committees, MPC raised the benchmark interest rate to 24.75 percent from 22.75 percent, which it said was aimed at tackling inflation.
According to the CBN governor, inflationary pressure had failed to abate despite notable stability in the foreign exchange market.