Nigeria's inflation rises to 11.24% after border closure

Nigeria's consumer price index, which determines the prices of goods and services, stood at 11.24% last month (September 2019).

The latest inflation report published by the National Bureau of Statistics (NBS), has it that the inflation rose by 0.22%, higher than the 11.02% recorded in August and 11.08% in July 2019.

The spike in inflation arrives after the President Muhammadu Buhari-led administration ordered the closure of the country's land borders, while placing a ban on the movement of goods in and out of the country.

Recall that President Buhari had announced the partial closure of the Nigeria-Benin border on Tuesday, August 20, 2019, with the exercise code-named, ‘Ex-Swift Response’.

The Ex-SWIFT RESPONSE is coordinated by the Office of the National Security Adviser (ONSA) comprising the Nigerian Police Force, Nigerian Customs Service (NCS), Nigerian Immigration Service (NIS), the Nigerian Armed Forces and other security agencies to address trans-border security issues.

Explaining what influenced the Federal Government's decision to close the border, President Buhari said the measure was taken to restrict illegal importation of goods, particularly rice, into the country.