The Central Bank of Nigeria, CBN has assured citizens that food prices would not increase in 2022 compared to 2021.
CBN Governor Godwin Emefiele made this known, while speaking to newsmen after presenting the outcome of the two-day Monetary Policy Committee, MPC meeting in Abuja.
The MPC, at the meeting, retained the country’s Monetary Policy Rate, MPR at 11.5 per cent and also decided to maintain all other monetary policy parameters. Also, the Cash Reserved Ratio, CRR was retained at 27.5 per cent, Liquidity Ratio, 30 per cent and Assymetric Corridor, Basis Points around the MPR.
Emefiele, said the Monetary Policy Rate saw logistical challenges in moving food from farm gates to the market, and also the activities of hoarders and would do everything possible to stop it.
According to him, the CBN is looking at the issues involved and will come up with good stories to tell about the trend by the next MPC.
