Border Closure: CBN Reacts To 17 Months Rise In Inflation

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Border closure

The Central Bank of Nigeria (CBN) has announced that inflation will fall in the next three to four months.

CBN Governor Godwin Emefiele told newsmen on Tuesday that the effects of border closure cannot be ruled out.

The latest report from the National Bureau of Statistics (NBS), shows inflation data at the highest level in 17 months, rising to 11.61% in October.

Emefiele, said: “Inflation goes up from 11.22 to 11.61 between September and October, and mainly it’s because of the border closure.

“I am not going to entirely disagree, because of border closure that has resulted in some supply shortages because of goods that are being dumped into the country.

“I don’t like the fact that prices went up momentarily from September and October, but the beneficiaries are Nigerians and companies where we have seen a situation where people have jobs, farmers who produce poultry and those benefiting from import of cars legitimately.

“Although I don’t like the fact that there is currently inflationary pressure, I also say that it will weaken very quickly and go down aggressively for a maximum of 3 to 4 months.”

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