CBN Governor Expresses Concerns over Effect of Insecurity on Agric
CBN GOVERNOR
*Assures of enough forex for Nigerians
By Onyinye Apeh
Central Bank Govenor, Mr. Godwin Emefiele, Tuesday said the continued insecurity in the country has been affecting the growth of agriculture in the country.
Emefiele said producing areas are finding it difficult growing their crops, adding that this was responsible for food inflation.
Speaking after the Monetary Policy Committee (MPC) in Abuja, he said the ccontinued rise in inflation has been linked to both the food core components inflation which has gone up to “21.79 percent and 12.38 per cent in February respectively from 20.57 per cent and 11.85 per cent in January”.
He added, “This persisting uptick in food inflation, however, was the major driving factor to the uptick in headline inflation.
“This was due to the worsening security situation in many parts of the country, particularly, the food-producing areas, where farmers face frequent attacks by herdsmen and bandits in their farms”
Emefiele who read the communique at the end of the MPC meeting said the CBN has enough foreign exchange to meet the obligations of Nigerians.
According to him, the apex bank has continued to disburse not less than $80 million every week to banks to take care of personal travels (PTAs), business travels andpayment of school fees.
He also disclosed that the MPC retained the Monetary Policy Rate (MPR), at 11.5 per cent, adding that the country’s foreign exchange policy has not changed.
According to him, “Nigeria still remains on a managed float. What does a managed float regime mean? That the CBN, being the institution that has a core mandate for foreign exchange management in the country, we will run the market, see how the market operates, depending on its reading of how the exchange rate moves in the market, we will come from time to time to intervene in the foreign exchange market.”
By Onyinye Apeh
Central Bank Govenor, Mr. Godwin Emefiele, Tuesday said the continued insecurity in the country has been affecting the growth of agriculture in the country.
Emefiele said producing areas are finding it difficult growing their crops, adding that this was responsible for food inflation.
Speaking after the Monetary Policy Committee (MPC) in Abuja, he said the ccontinued rise in inflation has been linked to both the food core components inflation which has gone up to “21.79 percent and 12.38 per cent in February respectively from 20.57 per cent and 11.85 per cent in January”.
He added, “This persisting uptick in food inflation, however, was the major driving factor to the uptick in headline inflation.
“This was due to the worsening security situation in many parts of the country, particularly, the food-producing areas, where farmers face frequent attacks by herdsmen and bandits in their farms”
Emefiele who read the communique at the end of the MPC meeting said the CBN has enough foreign exchange to meet the obligations of Nigerians.
According to him, the apex bank has continued to disburse not less than $80 million every week to banks to take care of personal travels (PTAs), business travels andpayment of school fees.
He also disclosed that the MPC retained the Monetary Policy Rate (MPR), at 11.5 per cent, adding that the country’s foreign exchange policy has not changed.
According to him, “Nigeria still remains on a managed float. What does a managed float regime mean? That the CBN, being the institution that has a core mandate for foreign exchange management in the country, we will run the market, see how the market operates, depending on its reading of how the exchange rate moves in the market, we will come from time to time to intervene in the foreign exchange market.”
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