The CBN Governor, Godwin Emefiele has blamed the rise in inflation rate in the country to insecurity.
This was known by the governor while he was presenting the communique from the Monetary Policy Committee (MPC) meeting, yesterday.
There has been a notable decline in purchasing power for the 18th consecutive month and all the blame goes to insecurity in the country, he said.
Inflation rate has risen from 16.47 percent in January 2021 to 17.33 percent at the end of February 2021 , according to Godwin.
The governor lamented that the bank is making a lot of efforts through their intervention moves in the agricultural sector, but insecurity is compromising it.
He persuades stakeholders in security matters to collaborate with the federal government in every possible way to curtail insecurity in the country.
Godwin finally assured that the CBN would continue to use its intervention policies to boost food production in the country and in turn try to correct inflation rate.