Reforms bolster economy amid March inflation uptick
Nigeria's inflation rate rose to 15.38% in March from 15.06% in February, driven by external pressures, but the country's economic reforms are strengthening its resilience. The Central Bank of Nigeria remains confident that the country will achieve a single-digit inflation rate.
Nigeria's inflation rate increased to 15.38% in March from 15.06% in February, driven by global pressures, including the Middle East crisis. The Central Bank of Nigeria attributes the economy's resilience to ongoing financial sector reforms. Governor Olayemi Cardoso expressed confidence in achieving a single-digit inflation rate. The National Bureau of Statistics reported a 0.32 percentage point increase in the headline inflation rate. President Bola Tinubu directed economic managers to cushion the impact of the Middle East crisis on Nigerians. The CBN's policy interventions are yielding results, stabilising the naira and easing lending rates.
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