Nigeria central bank pushes to lower rising inflation rate amid rising cost of living

In response to the soaring prices of goods and services across Nigeria, the country’s central bank says it is hoping to cut the inflation rate about 21 per cent and strengthen the struggling local currency. Nigeria is currently facing its worst inflation crisis which stands at 28.92 in December…

Nigeria’s central bank says it is hoping to reduce inflation to about 21% and strengthen the country’s weak naira currency.

The governor of the bank, Olayemi Cardoso is under pressure to raise interest rates when the Central Bank of Nigeria (CBN) meets next month for the first time since he took office in September.

In a speech by the CBN governor, he explained that “Inflationary pressures are expected to decline in 2024 due to the CBN’s inflation-targeting policy, which aims to rein in inflation to 21.4%.”

Nigeria is currently facing its worst inflation crisis which stands at 28.92 in December.

He stressed that improved agricultural output and the easing of global supply chain pressures would boost consumer confidence and purchasing power.

The apex bank had earlier announced the adoption of an inflation-targeting framework to ease the soaring prices of goods and services across the West African country.

Prices of food, fuel, transportation and telecommunication increased to new record levels as Nigeria’s inflation rate passed 28 percent in recent times.

This rising inflation has taken a heavy toll on the socio-economic activities of the nation despite the ongoing transformation by the new president, Bola Ahmed Tinubu.