Good news as inflation in Nigeria drops for 13 straight months

Good news as inflation in Nigeria drops for 13 straight months

The Nigerian Bureau of statistics (NBS) has stated that annual inflation in Nigeria stood at 14.33% in February 2018, slowing for the 13th month in a row and driven by a decline in the pace of food price increases.

The data on food price index released by the statistician general of the federation, Yemi Kale, via Twitter on Wednesday, March 14, showed that inflation stood at 17.59% in February 2018, compared with 18.92 % in January 2018, while core inflation was 15.13 % last month.

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The NBS said according to state profiles, inflation on all items was highest in Kebbi and lowest in Kogi year on year. It said food inflation was highest in Kwara and lowest in Benue year on year.

See the tweet by the NBS below:

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Meanwhile, the Nigerian external reserves has hit $46 billion, the Central Bank of Nigeria has said. The foreign reserves berthed at a mark close to $50 billion at the close of business on Friday, March 9.

Vanguard reports that the figures obtained from the apex bank showed that the reserves grew by $3.2 billion between February and March 2018. gathered that the external reserves which stood at $39.33 billion rose to $42.8 billion in February before it hit the $46 billion mark.

Speaking on the rise, the acting director of corporate communication for CBN, Isaac Okoroafor, said accretion of monies to the nation's reserves is hugely responsible for the growth.

Okorafor in a statement said the growth can also be attributed to the apex bank's effort at discouraging unnecessary importation, reducing Nigeria's import bill; inflow from oil and non-oil exports, and the huge inflows through the investors and exporters window of the foreign exchange market.

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Source: Legit

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