Meanwhile, the inflation rate in Nigeria rose for the sixth month in a row in June, to 22.79% year-on-year from 22.41% in May, putting pressure on the central bank to tighten policy further when it meets to set interest rates next week.
Food inflation accounts for the bulk of Nigeria’s inflation basket and rose to 25.25% in June from 24.82% in May.
Paul Alaje, is the Chief Economist, at SPM Professionals.