Nigeria’s central bank governor is using Egypt’s inflation rate, which surpassed 30% in February

Egypt as economic boogeyman: Nigeria’s central bank governor Godwin Emefiele is using Egypt’s inflation rate, which surpassed 30% year-on-year in February, to justify not adopting a free float of the naira. According to Reuters, he said, “I have heard commentators suggest we should follow Egypt's example and free the naira … What they do not tell you is that following their currency adjustments inflation today in Egypt is over 30 percent. Is that what we want in Nigeria?” Apparently, he’s not interested in basic economic realities, either.