Nigerian inflation accelerated for the 10th straight month in June as restrictions on access to foreign exchange and continued border closures drove up prices.

Consumer prices climbed 12.6 per cent from a year earlier, compared with 12.4 per cent, in May, according to National Bureau of Statistics, report published Friday on it website.

Some of the key lnsights include; a drop in the naira added to food inflation that’s already been pushed up by border closures, trade restrictions to curb the spread of the coronavirus and clashes between herders and farmers.

The food index, which accounts for more than half the inflation basket, rose 15.2 per cent, the most since March 2018.

The central bank’s move to end official foreign-exchange supply for maize imports to boost local production could increase costs further.

This is because it could lead to shortages and drive businesses to access hard currency on the parallel market, where the naira exchanged hands at 470 per dollar on Thursday, compared with official rates of between 360 and 381.

Inflation has been above the central bank’s target band of 6 per cent to 9 per cent for over five years, making it difficult for policy makers to cut interest rates to prop up the economy.

The monetary policy committee unexpectedly cut its benchmark rate for the first time in more than four years in May and is scheduled to announce its next decision on July 21.