Food prices won’t rise in 2022 like 2021: CBN
The Central Bank of Nigeria (CBN) says the rise in food prices in December 2021 was temporary and their causes identified, assuring Nigerians they will not escalate in 2022.
CBN governor Godwin Emefiele said this while fielding questions from journalists after presenting the outcome of the two-day Monetary Policy Committee (MPC) meeting in Abuja.
Mr Emefiele attributed the rise in food prices to logistical challenges in moving food from farms to the market.
He also accused hoarders of forcing food prices to increase.
“We found out that prices at farm gates are in line with our expectations because they are somewhat moderate. However, prices at the markets where our statisticians take their survey are high,” noted the CBN governor. “So, if prices at the markets are high, there is, therefore, some problems between the farm gates and the markets.”
He attributed the problems to logistics, “essentially bordering on transportation, also bordering on maybe destruction of food produce or perishable items from farm to market.”
Mr Emefiele added that the CBN was looking at the issues and would come up with good stories to tell about the trend by the next MPC.
He also mentioned that the MPC was happy about the Anchor Borrowers Programme, which started last year, adding that it would help to moderate food prices and stop hoarding.
The CBN governor also stated that the MPC had ensured that the Nigerian commodity exchange would come alive.
He also assured Nigerians would soon buy rice at a reasonable price.
(NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
States
Gunmen killed 13 in Plateau attack: Police
“He has also been briefed on the previous security arrangement.”
Agriculture
Katsina farmers urge govts to provide fertilisers at subsidised rates
Aliyu Muhammad, a farmer, said that most farmers could not afford the commodity due to exorbitant prices.
NationWide
TY Danjuma begs Nigerians to stop killing each other
“There must be peace in Taraba and Nigeria for any meaningful development to take place.”
States
Osun: Police arrest four suspects for allegedly killing woman for money ritual
Ms Opalola said the suspect’s confession led to the arrest of the three other suspects.
States
Customs seized N126.2 million smuggled goods in Kebbi in two months: Official
“Our operations so far have yielded positive outcomes leading to several seizures of items within the period under review.”
Education
Plateau varsity suspends exams after killing of 200-level student by gunmen
Mr Ayuba said that the university had also declared a two-day mourning in honour of the slain student.