The continuous rise in headline inflation from 15.60% in January to 20. 77% in September, according to Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN), was consistent with worldwide trends.
The growing momentum came after a period of reduction in 2021 as a result of balanced monetary policy efforts, he added. Headline inflation shot up to 20.77% in September, representing eight straight months of growth.
He said that a rise in crude oil prices was caused by the conflict and the sanctions the US and its allies imposed on Russia.
He claims that the revised naira notes would help reduce currency outside the banking system. As the monetary policy becomes more effective, it will help rein in inflation.