Close Menu
  • HOME
  • News
  • Politics
  • Sport
  • Features
  • Security
  • Foreign News
Facebook X (Twitter) Instagram
Trending
  • “Insecurity: Osun APC Chides Adeleke for Using Amotekun Corps to Traumatize Opposition Members
  • Nigeria Customs Service Clarifies Circulating Video Of Shooting Incident
  • FG Declares Two-Day Holidays To Mark Eid-Ul-Adha Celebrations
  • How I Escaped Arisekola, Adedibu’s Bullet By Whisker – Erubami
  • INEC Announces Dates for Elections.
  • Sex Hawkers: Over 73,000 Young Women in Imo State Confirmed HIV-Positive — FMC Raises Alarm
  • Ground Rent: It’s Embarrassing Senator Ireti Kingibe Is Ignorant of Land Use Act, She Needs To Stop Hating Wike – Aide
  • Democracy Day: Founder, Celica Church of Christ, Adeonigbagbe Advises Nigerians To Embrace Peace
Facebook X (Twitter) Instagram
Nigerian Alert
  • HOME
  • News
  • Politics
  • Sport
  • Features
  • Security
  • Foreign News
Nigerian Alert
Home » We Have No Magic Wand, Tackling Inflation Will Take Time — Central Bank Governor, Cardoso Tells Nigerians

We Have No Magic Wand, Tackling Inflation Will Take Time — Central Bank Governor, Cardoso Tells Nigerians

Lekan Shobo ShobowaleBy Lekan Shobo ShobowaleMay 22, 20242 Mins Read
WhatsApp Facebook Twitter Email Telegram LinkedIn
Share
WhatsApp Facebook Twitter Email LinkedIn Telegram
Top Ads ..

We Have No Magic Wand, Tackling Inflation Will Take Time — Central Bank Governor, Cardoso Tells Nigerians

The Governor of Central Bank of Nigeria, Mr. Olayemi Cardoso has urged the citizens to be patient over the fight against current inflation and hike in food items in the country.

Cardoso disclosed this while briefing journalists at the end of the Monetary Policy Committee, MPC, meeting in Abuja.

The CBN governor mentioned that there was no magic needed to solve inflation in Nigeria but rather patience.

Also, Cardoso noted that despite pressure from food inflation, the general inflation rate was “moderating”, pointing out that “the tools the Central Bank is using are working”.

He stated, “I have several times and I will say again, there is no magic wand. These are things that need to take their time.

 

“I am pleased and confident that we are beginning to get some relief and in another couple of months we will see the more positive outcomes from the Central Bank have been doing.”

He added, “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.

“The MPC urged that more be done to address the security of farming communities to guarantee improved food production in these areas.

“Members further observed the recent volatility in the foreign exchange market, attributing this to seasonal demand, a reflection of the interplay between demand and supply in a freely functioning market system.”

 

The Central Bank of Nigeria has also blamed the recent volatility of the country’s foreign exchange market on seasonal demand for dollars.

“Members further observed the recent volatility in the foreign exchange market, attributing this to seasonal demand, a reflection of the interplay between demand and supply in a freely functioning market system,” a communique issued by the committee on Tuesday stated.

Share. WhatsApp Facebook Twitter Telegram Email LinkedIn
Previous ArticlePress Statement: Update On The Closure Of Banex Plaza Abuja
Next Article For The Second Time Within Two Months, President Tinubu Appoints Wike’s Ally

Related Posts

Sex Hawkers: Over 73,000 Young Women in Imo State Confirmed HIV-Positive — FMC Raises Alarm

May 31, 2025

PRESIDENT TINUBU IS GOD’S GIFT TO NIGERIA: PRINCE ARTHUR EZE

May 27, 2025

Canada Tightens Foreign Workers Rules As Nigerians, Others Risk Deportation

May 22, 2025

Comments are closed.

Ads
Ads
Facebook X (Twitter) Instagram Pinterest
  • Home
  • About Us
  • Contact Us
  • Privacy Policy
© 2025 Nigerian Alert. Designed by Samtech Media.

Type above and press Enter to search. Press Esc to cancel.