Inflation declines to 17.78% 

The Central Bank of Nigeria (CBN) yesterday said it will inject $195 million comprising of $150 million for the wholesale auction and $45 million in the invisible segment for such items as medical fees, tuition fees, Personal Travel Allowance (PTA) and Business Travel Allowance (BTA).

Confirming the foreign exchange sales, the CBN Acting Director, Corporate Communications, Isaac Okorafor, said that the bank acted promptly and proactively in line with its promise to keep the market liquid enough to meet the needs of genuine requests.

He also confirmed that more dollar liquidity was returning to the market which has helped most banks to meet market demands. “As you can see, all the pent-up demand for invisibles have been met to the extent that banks are urging customers to come and obtain forex”, he said.

He reiterated the bank’s determination to continue to fund the importation of raw materials and plant and machinery for manufacturing, agriculture, and other eligible items.

He also assured that the Bank remained resolute in ensuring stability in the forex market by keeping an eagle eye on the activities of authorised dealers in order to ensure sharp practices are reduced barest minimum He also confirmed that more dollar liquidity was returning to the market which has helped most banks to meet market demands. “As you can see, all the pent-up demand for invisibles have been met to the extent that banks are urging customers to come and obtain forex”, he said.

Meanwhile, the Consumer Price Index (CPI) which measures inflation dropped to 17.78 per cent in February, the National Bureau of Statistics (NBS) has said.

In its latest report released yesterday, the NBS noted that with the slower rise in already high prices of food and other consumer items, the inflation rate dropped from 18.72 per cent in January, to 17.78 per cent in February – a reduction of less than one per cent.