Sanusi predicts 4% inflation rate in 2015

The Governor of Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, has said that the nation could achieve four per cent inflation rate in 2015.

Sanusi made the projection at the Chartered Institute of Bankers of Nigeria (CIBN) 47th annual bankers’ dinner and 50th anniversary awards and gala night on Thursday in Lagos.

He said that the low single digit projection for 2015 was based on the progress recorded so far by the CBN in inflation management.

He said also that the CBN had since January maintained the inflation rate below 10 per cent, adding the rate stood at 7.8 per cent in October, 2013.

The governor reassured Nigerians that CBN remained committed to ensuring that the rate would not go beyond 7.8 per cent in 2014

The News Agency of Nigeria (NAN) reports that the inflation rate averaged 10.6 per cent between 2006 and 2012.

The inflation rate dropped to 8.5 per cent in January 2013 and dipped further to 7.8 per cent in October.

Sanusi said that the efforts in inflation rate management were to ensure sustainable appreciation of the naira and allow Nigerians to enjoy the value of their currency against other international currencies.

He also said that naira lost 2.3 per cent in value at the international market but had not performed badly as an emerging and frontier economy.

Sanusi said that the monetary policy was geared towards protecting Nigeria from financial shocks and ensuring stable and macro-economic policies. (NAN)