High FX rate, insecurity, others driving food inflation in Nigeria— CBN Committee

The Monetary Policy Committee of the Central Bank of Nigeria (CBN) has listed high foreign exchange rate on imported food items, insecurity in farming communities as some of the key factors driving food inflation in the country.

The CBN governor, Yemi Cardoso, who spoke at the press briefing following the 295th MPC meeting of the bank on Tuesday, said the MPC observed that food inflation is the major driver of inflation in the country.

According to Cardoso, the MPC noted that the surge in food prices in the country is influenced by factors such as the elevated exchange rate on imported food items, increasing security challenges, and the rising cost of transportation, among others.