The economic data issued by the National Statistical Center in Nigeria showed that the rate of consumption inflated decreased in May to 22.97%, which is the second decline recorded during the current year.
The densely populated country, rich in gas and oil resources last year, witnessed the highest rates of inflation in 68 years, reaching 34.80%.
Last May, the food prices -the main engine of the rate Inflation General- 21.14%, compared to 21.26, last April.
He decided Central Bank in Nigeria In his second meeting this year, keeping me interest rate The main is unchanged for the second time in a row.
Since the power in 2023, Nigerian President Paula Teenopo began to face new reforms, which is to raise government support for fuel and reduce the value of the local currency.
At the end of last April, the Moody’s credit rating agency praised the good performance in the economic field in Nigeria, noting that the fundamental reforms made by the government on the foreign exchange management system clearly contributed to improving the balance of payments and increasing the reserves of the central bank from the hard currency.
The agency noted that the dangers of inflation in Nigeria, which were caused by political transformations, have declined, and local borrowing cost rates began to show initial indications of decline, which strengthened confidence in the stability of new policies.
Earlier this year, the World Bank said that the reforms that were implemented in the foreign exchange market contributed to creating a unified and stable exchange rate that reflects the economic reality, which allowed the Central Bank to rebuild its official reserves, which currently exceeded 37 billion dollars.