The Special Adviser to President Bola Tinubu, on Information and Strategy, Bayo Onanuga, has assured Nigerians that Inflation in the country will soon come down.
Onanuga: “Inflation still appears untamed, according to the latest report by NBS. But indications are that it will slow down as the Naira continues to strengthen in the market.
“NBS reported that in March 2024, the headline inflation rate increased by 1.50% point to 33.20% relative to the February 2024 headline inflation rate which was 31.70%.
“On a year-on-year basis, the headline inflation rate was 11.16% points higher compared to the rate recorded in March 2023, which was 22.04%.
Bayo Onanuga, SA on Information & Strategy.
“What is obvious in the report is that market forces are yet to reflect the strengthening of the Naira in recent weeks against the dollar. The effect will be noticed as old stocks are replaced with new ones bought with depreciated dollar.
“The Naira had lost 43% of its value up till mid-February. But since then it has rallied greatly, becoming the most performing currency among global currencies.
“Governor Olayemi Cardoso of CBN and his team have their job cut for them to find ways of reining in the inflation when they meet May 20-21, about a week to the Tinubu administration’s first anniversary.
Credit: X/Bayo Onanuga.
