Nigeria’s central bank is prepared to deploy “all tools at our disposal” to combat inflation, announced Olayemi Cardoso, the country’s central bank governor, on Tuesday.
Inflation in Nigeria rose in September for the first time in three months, reaching an annual rate of 32.70%, driven largely by surging food and energy costs.
Speaking at the FT Africa Summit in London, Cardoso projected that overall inflation would begin to ease in the coming months, but acknowledged that food inflation remained particularly persistent.
The central bank chief emphasized that Nigeria “cannot afford to ease up” on its reform efforts to stabilize the economy.