Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), has appealed to Nigerians for patience as the bank addresses inflation and other economic challenges facing the country.

Speaking at a press conference following the Monetary Policy Committee (MPC) meeting in Abuja, the CBN governor acknowledged that there is no quick fix to the economic crisis.

He urged the public to be patient with President Tinubu and his appointees, noting that despite the pressure from food inflation, the overall inflation rate was showing signs of reduction, thanks to measures being implemented by the CBN.

Cardoso remarked, “I have 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 from the Central Bank have 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.”

The MPC called for increased efforts to secure farming communities to ensure enhanced food production.

Members also noted the recent volatility in the foreign exchange market, attributing it to seasonal demand.

The Central Bank Governor cited the seasonal demand for dollars as the cause of the volatility in the country's foreign exchange market.

“A communique issued by the committee on Tuesday stated, '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,'” the statement concluded.