The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has called on Nigerians to be patient as the country works to combat rising inflation and food prices.
Speaking at the end of the Monetary Policy Committee (MPC) meeting in Abuja, Cardoso emphasized that there is no quick fix for the current economic challenges.
Cardoso reassured that although the fight against inflation will take time, the measures being implemented by the Central Bank are beginning to show positive results. “There is no magic wand to solve inflation in Nigeria. These are processes that need their time,” he stated.
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Despite ongoing pressures from food inflation, Cardoso highlighted that the overall inflation rate is starting to moderate. He expressed confidence that the Central Bank’s strategies will yield more significant outcomes in the coming months.
The CBN governor also addressed several obstacles to controlling food inflation, including transportation costs, infrastructure issues, security challenges in food-producing areas, and the impact of exchange rate fluctuations on imported food prices. He emphasized the need for improved security in farming communities to boost food production.
Regarding recent fluctuations in the foreign exchange market, the CBN attributed this volatility to seasonal demand, reflecting the natural dynamics of supply and demand in a free market system. The MPC’s communiqué noted that more efforts are necessary to stabilize the market and ensure a steady supply of foreign currency.
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