The Central Bank of Nigeria Governor, Mr Godwin Emefiele has said that the rise in inflation is temporary and will go down aggressively in another three to four months.
A report by the National Bureau of Statistics (NBS), showed inflation figures at a 17-month high, rise to 11.61% in October. Mr. Emefiele however said that the attribution of the rise to border closure cannot be totally ruled out, but the benefits are more.
“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 that yes, because of border closure that has resulted in some supply shortages because of goods that are being dumped into the country.