The Governor of CBN, Olayemi Cardoso has urged Nigerians to be patient as the fight against the current inflation in country will take time.
Addressing journalists at the end of the Monetary Policy Committee, MPC, meeting in Abuja, he said despite pressure from food inflation, the general inflation rate was “moderating”, adding that “the tools the CBN is using are working”.
“I have said it several times and I will say again, there is no magic wand. These are things that need to take their time. I am pleased & confident that we are beginning to get some relief & in another couple of months we will see the more positive outcomes from the CBN have been doing.
The committee thus reiterated several challenges confronting the effective moderation of food inflation to include rising costs of transportation of farm produce, infrastructure-related constraints along the line of distribution network, security challenges in some food producing areas and exchange rate pass-through to domestic prices for imported food. items
