For the fourth month in a row, Nigeria’s inflation rate has continued to move up.
Currently, it rates 11.98 percent, while the previous month, December 2019 was 11.85 percent.
According to the National Bureau of Statistics, consumer prices grew by 12% compared to the previous year. Also, the cost rose by 0.85% in December compared to the 11.9% increase in November.
In December, food price rate increased to 14.7% from 14.5% in November.
However, the NBS opined that the rise in food prices may not be due to the border closure in August.
Also, the Central Bank Of Nigeria Governor, Godwin Emefiele said in November that the border closure was going to affect the nation, although temporarily.
Nigeria, Niger and Benin, the affected countries of the closed border arrived at a conclusion of getting a joint border police to check the influx of foreign goods into West Africa’s largest market.
The police, customs, immigration, navy and state security services of the three countries will make up the patrol team.