Central Bank of Nigeria (CBN) Governor Godwin Emefiele, expects inflation rate to slow down to double digits by next year. He made the comments on the sidelines of an investment conference held in London.
“We are hoping that by the middle of next year we should begin to approach the high single digits,”
The CBN Czar expressed confidence in the apex bank’s measures at managing the country’s exchange rates.
“We are beginning to get it right, and all I want to do is to continue to enforce what we are doing, and we will not want to take any action that …will upset any gains that we have seen so far.”
Why Emefiele expects the rates to fall
Inflation rates have trended lower from an all time high high of 19% in January, to 15.98% in September. Food inflation, which is a core component of the inflation index, is also expected to trend lower. The exchange rate has also been kept relatively stable. Exchange rate tends to affect the prices of imported goods and inputs, which form a major proportion of Nigeria’s consumption.
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