Bloomberg Anywhere Remote Login Bloomberg Terminal Request a Demo

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Nigeria’s Inflation Rate Climbs to 9.5% in February

March 17 (Bloomberg) -- Nigeria’s inflation rate climbed to 9.5 percent in February, the statistics agency said.

Inflation in Africa’s largest oil producer accelerated from 9 percent in January, the Abuja-based National Bureau of Statistics said in an e-mailed statement yesterday. The median estimate of six economists surveyed by Bloomberg News was 9.6 percent. Prices rose 0.8 percent in the month.

The Monetary Policy Committee has kept its benchmark interest rate at a record 12 percent for eight consecutive meetings to curb prices and support the naira. Inflation eased below 10 percent, meeting the central bank’s target, in January after a jump in fuel prices in the same month last year fell out of the calculation. Governor Lamido Sanusi said on Jan. 25 it will be “very difficult” to keep it at that rate for the rest of the year.

The MPC will probably hold off on cutting interest rates until it’s sure lower borrowing costs won’t compromise “achievements” by the bank, Sanusi said. Policy makers will make their next rate decision on March 19.

To contact the reporter on this story: Maram Mazen in Abuja at mmazen@bloomberg.net

To contact the editor responsible for this story: Nasreen Seria at nseria@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.