Market News
Nigeria inflation rises to 33.20% year on year in March - REUTERS
ABUJA (Reuters) - Nigeria's consumer inflation rose to 33.20% year on year in March from 31.70% in February, its bureau of statistics said on Monday.
Inflation is at its highest in almost three decades in Africa's biggest economy, driven by a steep fall in the naira currency and the government's removal of a fuel subsidy.
The central bank has twice raised interest rates this year to try to get price pressures under control.
Central bank Governor Olayemi Cardoso has said the bank's Monetary Policy Committee sees price pressures moderating from May.
(Reporting by Elisha Bala-Gbogbo; Editing by Alexander Winning)
By Elisha Bala-Gbogbo
