The factor responsible for the current inflationary pressures in Nigeria is the

The factor responsible for the current inflationary pressures in Nigeria is the exchange rate depreciation. When the exchange rate of a country's currency depreciates, it means that the currency has lost its value compared to other currencies. This can lead to an increase in the prices of imported goods and services, as they become more expensive to purchase. In Nigeria's case, the depreciation of the naira against other major currencies such as the US dollar and the British pound has led to an increase in the prices of goods and services, particularly imported items, such as food, fuel, and machinery. This increase in prices, in turn, has led to a rise in the country's inflation rate. Therefore, exchange rate depreciation is the primary factor responsible for the current inflationary pressures in Nigeria.