Annual inflation in Nigeria has slowed for the tenth month in a row in November, easing to 15.90 per cent, the National Bureau of Statistics (NBS) said in its latest report report. However a separate food price index showed inflation at 20.30 per cent in November, compared with 20.31 per cent in October.
In October Central Bank Governor Godwin Emefiele said he expected inflation rates to fall at a faster pace and reach high single-digit rates by the middle of 2018. The bank has kept its main rate at 14 per cent for over a year now as it battles inflation and seeks to attract foreign investors to support the local currency.
However, the government wants to see interest rates come down to lower its borrowing cost and stimulate the economy. It repaid some treasury maturities last week. Nigeria emerged from its first recession in 25 years in the second quarter as oil revenues rose, although the slow pace of growth suggests the recovery remains fragile.
