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The Bank of America has warned that Nigeria’s inflation rate may surge to 30% by the end of the year, prompting the need for the Central Bank to increase interest rates by at least 700 basis points.
The inflation is attributed to the removal of fuel subsidies and the unification of foreign exchange.
The bank’s sub-Saharan Africa Economist, Tatonga Rusike, emphasized the importance of a monetary policy response to curb inflation and attract foreign investors.
The Central Bank has been gradually increasing interest rates since last year, but the rising inflation has not been effectively controlled.
The National Bureau of Statistics reported a 22.41% inflation rate in May, with food prices being a major contributing factor.
