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)
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Nigeria Economic Update (Issue 16)
Nigerias Bonny light price declined by 7.1 percent from $40.19 per barrel on March 24, 2016 to $37.32 per barrel on April 1, 20162. OPEC weekly basket price also decreased by 3 percent from $35.81 per barrel to $34.74 per barrel within the same period3. The remerged downward trend in crude oil price is traceable to concerns over the likely failure of the oil production freeze deal between Saudi Arabia and Iran4. The outcome of the oil production freeze meeting which is scheduled to hold on April 17, 2016, will give further direction for oil supply regulation.