The Central Bank of Nigeria, CBN believes it will finally tame inflation to a single digit, latest by June 2018.

CBN Governor Godwin Emefiele said on Friday that he expects inflation rates to fall at a faster pace and hit 9%.

“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, adding that he 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 said.

“Around 9 % would be a good target,” he added.

Also Read: Nigeria’s Inflation remains Subdued In September, Amid Rising Food Inflation

Annual inflation in Nigeria slowed for an eighth month in September, easing to 15.98%.

Emefiele said as the economy began to hit thresholds on inflation and other gauges, he expected the monetary policy committee would begin to look at interest rate cuts a bit more favourably and think about easing.

“I would like to see low interest rates and I would like to see low inflation and I would be happy to see it as quickly as possible. When? I cannot categorically say.”

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