Suspense Ahead As Nigeria Sets To Release April Inflation Data

The Nigerian government is set to release its April inflation figures on Wednesday, May 15.

This release follows the regular schedule of the National Bureau of Statistics, which typically unveils its monthly inflation data mid-month.

Recently, the Financial Derivatives Company (FDC) predicted that the country’s headline inflation would rise to 34.25 percent in April, up from 33.22 percent in March.

According to FDC, this increase is attributed to the persistent scarcity of petrol in April, ongoing foreign crises, and other prevailing economic conditions.

In response to rising inflation, the Central Bank of Nigeria Governor, Olayemi Cardoso, stated that the Monetary Policy Committee (MPC) is committed to taking measures to reduce inflation.

Cardoso mentioned that the MPC would continue to raise interest rates, which stood at 24.75 percent in March, as part of their strategy to combat inflation.

The next MPC meeting is scheduled to take place next week, on May 20 and 21, 2024.

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