The Central Bank of Nigeria (CBN) has forecasted the country’s inflation rate to drop to 13 percent this year and single-digit by 2022.
Hassan Mahmud, director of monetary policy department, CBN, stated this on Friday in Lagos at the virtual mid-year economic review and outlook 2021, organised by the Chartered Institute of Bankers of Nigeria’s Centre for Financial Studies, in collaboration with B. Adedipe Associates.
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It was revealed in May 2021 that the country’s inflation rate dropped slightly from 17.93 percent to 17.75 percent in June — third consecutive decline in 2021.
Mahmud said “Also, if the CBN forecasts for GDP growth are sustained, and there is improved vaccination, and the health hazards and lockdowns are not resurfacing, we will see GDP getting close to three per cent by the end of 2021,”
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“We will also see the inflation number coming down less than 13 percent by the end of the year and further down to the NBS projection of single-digit by 2022 or the middle of 2022.
“We will start seeing a downward trend in inflation numbers particularly, headline inflation.”
