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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.
UK Foreign Secretary Lord Cameron has said it is up to Ukraine to decide how to use British weapons and insisted it has the right to strike targets on Russian territory. During a visit to Kyiv, he said the UK would provide £3bn ($3.75bn) per year for as long as necessary. The US has reportedly urged Ukraine to halt its strikes on oil refineries in Russia, fearing it could provoke […]
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