Mr Emmanuel Atama, the Executive Secretary of the National Cooperative Financing Agency of Nigeria (CFAN), has appealed to the Central Bank of Nigeria (CBN) to use appropriate monetary policy tools to check rising inflation rate in the country.
Atama told News Agency of Nigeria (NAN) in Abuja on Thursday that it was only through such decisive monetary control instrument that rising inflation rate could be controlled.
According to him, all hands must be on deck to reverse the trend in the interest of citizens and the economy of the country.
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“I am more concerned about the purchasing power of ordinary Nigerians who could only do little with their meagre resources in the event of the hike on inflation, as their resources will do little for them and their household.
“It now amounts to counter-productive efforts no matter the things put in place as conditions of living may tighten.
“It’s time to use appropriate monetary policy tools to bring the situation to check for the sake of the ordinary Nigerian and the economy and the CBN should lead in this direction,’’ he said.
NAN reports that the National Bureau of Statistics (NBS), on Feb. 18 released its report stating that the country’s inflation rose from 11.98 per cent as at December 2019 to 12.3 per cent in January 2020.
The report said that Consumer Price Index (CPI) which measured inflation increased by 12.3 per cent which was 0.15 per cent higher than the rate recorded in December 2019.
The current rate happens to be the highest in 21 months.