Nigeria Set to Reveal April Inflation Rate Amid Economic Challenges
The Nigerian government is set to announce its inflation data for April on Wednesday, May 15.
Typically, the National Bureau of Statistics releases monthly inflation figures around the middle of each month.
Financial Derivatives Company has projected that the country’s headline inflation could increase to 34.25 percent in April, up from 33.22 percent in March.
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Accordingly, FDC said the surge is due to the prevalence of scarcity of Petrol in April, the foreign crisis and other prevailing economic situations.
Meanwhile, the Central Bank of Nigeria Governor, Olayemi Cardoso, said its Monetary Policy Committee will do everything to bring down inflation.
Cardoso noted that MPC will continue to raise interest rates, which stood at 24.75 per cent in March, to bring down inflation.
Meanwhile, the MPC meeting will be held next week, May 20 and 21, 2024.
