Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN), has said that the country’s rising inflation was due to insecurity.

Emefiele stated this on Tuesday while presenting the communique from the Monetary Policy Committee (MPC) meeting.

He explained that the decline in purchasing power has increased for the 18th consecutive month and the CBN chief blamed unsafe food-producing areas.

The inflation continued on an upward to 17.33 percent at the end of February 2021 from 16.47 percent in January 2021, according to Emefiele.

According to him, while the bank was making significant intervention in the agricultural sector, insecurity was limiting supply to the market.

Emefiele urged stakeholders to collaborate with the federal government to tackle the challenge.

He also attributed the hike in petrol pump price, electricity tariff, and Naira depreciation to inflation.

Emefiele assured that the CBN would continue to use its interventions to boost food security in the country.