Inflation Projected to Remain at Single-digit in 2014

The Central Bank of Nigeria (CBN), yesterday, said that the inflation rate is projected to remain at the single-digit band till the end of this year and throughout 2014.

The CBN Governor, Sanusi Lamido Sanusi, who spoke at the ‘Euromoney Nigeria Banking and Capital Markets Conference’ in Lagos, said that although the growth rate of the economy had been at over 6%, in the last 10 years, it is projected to grow by 7.6% in 2014.

Mr. Sanusi, who was represented by the bank’s Deputy Governor, Financial System Stability, Dr. Kingsley Moghalu, noted that in spite of the slow recovery in global growth, the future of the country’s economy remained positive and encouraging.

“The stance of the monetary policy of the CBN has significantly reined in inflationary pressures, bringing it to 8.7% in July 2013. It is projected that the rate of inflation will be within the single-digit band through to 2014. The exercise of fiscal prudence and consolidation, on the part of the government, has yielded salutary results as fiscal deficit had remained below 3.0% of gross domestic product as of 2012. This is not expected to change in 2014,” he said.