Inflation: There is no magic wand, these are things that need to take their time – Cardoso tells Nigerians

Nigeria’s Central Bank Governor, Yemi Cardoso, has urged citizens to remain patient as the government tackles inflation, stressing that there is no ”magic wand”

Addressing reporters after a Monetary Policy Committee meeting in Abuja on Tuesday, May 21, Cardoso acknowledged the impact of food inflation, but noted that overall inflation was showing signs of easing. He emphasized that the measures being taken by the Central Bank are proving effective.

“I have said it 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 the Central Bank has been doing.

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” he said