Nigeria’s Inflation Rate Improves slightly in March

• Nigeria’s Inflation Rate Improves slightly in March

Prices of goods and services improved slightly in March as the Central Bank of Nigeria sustains its forex intervention program.

Consumer Price Index, which measures inflation rate, declined slightly from 11.31 per cent in February to 11.25 per cent.

On a monthly basis, headline inflation increased by 0.79 per cent in March, a 0.06 per cent higher than the 0.73 per cent recorded in February.

Taiwo Oyedele, a tax Consultant with PWC, said the federal government need to increase economic productivity and enhance wealth creation beyond the inflation rate.

“Glad Nigeria’s inflation rate is trending downward but 11.25% is still too high as to keep Nigerians getting poorer. Way out is to improve productivity and create wealth for the people beyond inflation.”

The Central Bank of Nigeria monetary policy committee lowered interest rates by 50 basis points to 13.5 per cent, partly due to moderating inflation rate and improved commodity outlook.

Rising oil prices continue to support central bank efforts at converging foreign exchange rate and sustaining liquidity across key markets.

With the foreign reserves rising to over $44 billion, the apex bank is better positioned to deepen growth and curb prices.