WATCH THE VIDEO HERE Nigeria’s headline inflation is projected to soar to 32.63% in March 2024, according to Muhammad Sani Abdullahi, Deputy Governor, of the Economic Policy Directorate of the Central Bank of Nigeria (CBN). Abdullahi shared insights into Nigeria’s economic forecasts, presenting an expected increase in the country’s inflation rate at the CITI-CEEMA Macro Conference held on March 20, 2024, in London. A copy of his presentation seen by Naijaonpoint shows that the inflation spike is driven by three major factors: escalated energy costs, the impact of exchange rate fluctuations, and ongoing insecurity concerns. The document noted: The CBN, however, anticipates a turnaround, with inflation expected to start its downward trajectory beginning in May 2024. This optimism is based on a series of strategic measures to tackle rising inflation. Among these are the adoption of an Inflation Targeting Framework, deploying more active communication strategies, and shifting towards a tighter monetary policy stance. Notably, the Monetary Policy Rate (MPR) has seen an increase of 400 basis points, reaching 22.75%, and the Cash Reserve Ratio (CRR) has been adjusted to 45% from the prior 32.5%. Furthermore, adjustments have been made to the asymmetric corridor around the MPR to +100/-700 basis points from +100/-300 basis points, signalling a robust stance on managing inflation expectations.
Nigeria’s inflation expected to rise to 32.63% in March 2024 – CBN deputy gov
