Nigeria’s April inflation drops 17.24%

Nigeria’s headline inflation drops to 17.24 percent for the month of April on year on year basis according to data released today by the National Bureau of Statistics (NBS).

The drop represents a 1.60 percent decline from the previous month which was at 17.26 percent.

The headline inflation has consistently been on a downward slope from 17.78 per cent in February to 17.26 per cent in March.

The decline could be attributed to the CBN’s sustained intervention in the forex market moderating inflationary pressure from pass-through effect of high exchange rates.

 

Details later…