March 12, 2024

Nigeria Economic Update (Issue 8)

In its recent CPI and Inflation report, the National Bureau of Statistics (NBS) revealed that Nigeria’s inflation rate increased to 29.90 percent in January 2024, a 0.98 percentage points rise from 28.92 percent recorded in December 2023. On a year-on-year basis, this represents an 8.08 percentage points increase from 21.82 percent in January 2023. Food inflation increased to 35.41 percent from 33.93 percent recorded in December 2023 and 24.32 percent in January 2023. The persistent upward trend in Nigeria’s inflation rate emerges from multiple factors including growth in money supply and higher prices in selected food items driven by the country’s epileptic food supply chain, insecurity, rising transportation costs, and low agricultural productivity. 

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Nigeria Economic Update (Issue 20)

The Naira maintained slight appreciation against the dollar in the review week. At the parallel market, the value of the Naira appreciated week-on-week by 1.6 percent to exchange at N380/$ on May 19, 2017. In addition, inter-bank market rate appreciated slightly by 15kobo to N305.45/$. The appreciation in both segments of the market are favorable effects of the CBNs continued forex supply in the week under review (In a bid to further ease forex liquidity, the CBN pumped a total of $457.3 million on May 15, 2017).