The Central Bank of Nigeria (CBN) has made repeated attempts to contain the inflationary spike by gradually raising the monetary policy rate to 18.5 percent. However, the inflation rate is still persistently high in May 2023. According to the report by the National Bureau of Statistics (NBS), the inflation rate increased by 0.19 percent on a monthly basis, from 22.22 percent to 22.41 percent in May 2023.
June 29, 2023
Nigeria Economic Update (Issue 24)
Related
Nigeria Economic Update (Issue 39)
Nigerias
external reserve fell marginally by from $25.36 billion to $25.16 billion.
The decline likely reflects the continued sales of dollar by CBN amid fall in
oil revenue. Similarly, the naira/dollar exchange rate depreciated marginally
by 0.5 percent to N424/$ at the parallel segmentas also seen in
preceding weeks. The continued depreciation likely points to banks low level
compliance to CBNs dollar sales directive made in August, 2016,
thus creating artificial dollar scarcity in the parallel market.