Nigeria govt to release April’s inflation rate Wednesday

The Nigerian government will release its April inflation figure on Wednesday, May 15.

This development comes as the National Bureau of Statistics usually unveils its monthly inflation figure mid-month.

Meanwhile, Financial Derivatives Company had recently forecasted that the country’s headline inflation would rise to 34.25 per cent in April from 33.22 per cent in March.

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.