But Emefiele, who was speaking at the 57th annual Banker’s Dinner hosted by the Chattered Institute of Bankers of Nigeria (CIBN) in Lagos, on Friday, noted that the 2023 elections would trigger a slight increase in inflation, but afterwards, there would be a continuous deceleration of inflation.
He said: “Inflation expectations are rising as existing structural rigidities are compounded by global factors and anticipated election-related liquidity upsurge. For the rest of 2022 and towards mid-2023, Nigeria’s rate of inflation is projected to remain elevated and above the 12.5 percent growth-aiding threshold.
“However, on the backdrop of our previous policy measures, and as the effect continues to permeate the system, our inhouse model-based simulations indicate that inflation rate could fall steadily to less than 15 percent by end-2023.”
