3. Despite recent gains in the value of the naira, Nigeria’s inflation rate surged to 33.2 percent in March, up from 31.7 percent in February, marking the 15th consecutive month of increase. This rise has led to record-high consumer prices, particularly in food inflation, reaching 40 percent in March, the highest ever recorded in the country. Economists predict a peak in inflation around May or June before a slight decline following a wage review. Although the naira has been performing well against the dollar, consumer prices continue to rise due to various factors, including the impact of foreign exchange reserves on import costs. The International Monetary Fund (IMF) notes that currency depreciation significantly influences inflation in Sub-Saharan African countries. To combat inflation, the Central Bank of Nigeria (CBN) has raised the benchmark interest rate and successfully resolved foreign exchange backlogs.Â