The Governor of the Central Bank of Nigeria, Godwin Emefiele, said on Friday he expected inflation rate to fall at a faster pace and hit high single digit rates mid-next year.
“We are very optimistic that food prices will come down and as they come down, it will help to complement the reduction in core inflation,” Emefiele told journalists on the sidelines of an investment conference at the London Stock Exchange.
He added: “I expected a more aggressive moderation.
“We are hoping that by the middle of next year we should begin to approach the high single digits.”
He added that around nine percent would be a good target.
The annual inflation in Nigeria slowed for an eighth month in September, easing to 15.98 per cent.