In a new report, the World Bank has said that the surge in food and energy prices and the volatility of commodity prices have contributed to push up inflation. According to the development finance institute, the covid-19 pandemic and the war in Ukraine has only helped to exacerbate the situation. In the report titled ‘Macroeconomic Impact of Food and Energy Read More
In February 2023, the headline inflation rate rose to 21.91% compared to January 2023 headline inflation rate which was 21.82%. This represents a 0.09 percentage points increase when compared to January 2023 headline inflation rate. Similarly, on a year-on-year basis, the headline inflation rate was 6.21 per cent higher compared to the rate recorded in February 2022, which was 15.70 per cent. According Read More
Nigeria’s inflation rose in January, hitting a record high of 21.82 per cent, representing a 0.47 per cent when compared to the 21.34 per cent recorded in December as Nigerians contend with scarcity of the naira. In a report released by the National Bureau of Statistics (NBS), food inflation surged to 24.32 per cent in January from 23.75 per cent Read More
Amid the uncertainties being faced by Nigerians due to the scarcity of the redesigned Naira notes, the nation’s inflation rate rose in January after recording a fall in December. Inflation rose to 21.82 per cent in January compared to 21.34 per cent in December, the National Bureau of Statistics announced Wednesday. The statistics office said the headline inflation rate rose Read More
As the Monetary Policy Committee of the Central Bank of Nigeria (CBN) began its first sitting in 2023 on Monday January 23rd, issues such as benchmark interest rate, inflation, exchange rate, redesigned naira notes are some of the key issues that may be on the front burner for the committee to decide on. One subject of discussion during the meeting Read More
In the past 12 months, the Nigerian equity market recorded positive performance despite volatility in the global market and low economic activities resulting from insecurity problems, forex scarcity among others. AMAKA IFEAKANDU in this report x-rays factors that contributed to the growth trend of the market in 2022. Despite volatility in the global market, Nigeria stock market recorded good performance Read More
Statistics released by the National Bureau of Statistics has revealed that Nigeria’s inflation has jumped to 21.47% in November from 21.09% recorded in October. This represents the 10th consecutive monthly increase since the start of the year 2022. The report further revealed that the latest update means that Nigeria’s inflation rate has now risen to its highest level since September 2005 when the Read More
Well-designed policy measures are needed urgently to prevent the deepening of existing levels of poverty, inequality and social unrest, according to the latest ILO report on global wages. The severe inflationary crisis combined with a global slowdown in economic growth, driven in part by the war in Ukraine and the global energy crisis are causing a striking fall in real Read More
With the black market exchange rate high at about N900, the importers of the 41 items on the forex banned list of the Central Bank of Nigeria, which includes rice, private airplanes/jets, Indian incense, tinned fish in sauce (sardines), amongst others will have to increase the price of their products, Blueprint investigation has revealed. Individuals and traders are still buying Read More
The value of transaction on Nigeria’s CBDC, the eNaira platform has hit a whopping $8bn since it was launched in October 2021 by the Central Bank of Nigeria (CBN). The eNaira was introduced by the apex bank to enable direct remittance payments between Nigerians within and outside of the country, and also intended to reduce so-called “leakages” from state budgets Read More
A very serious economic crisis is brewing and the government must do everything within its powers to hold back conspiring culprits that are holding the nation hostage, Bismarck Rewane has warned. Rewane, Chief Operating Officer (COO) of Financial Derivatives Company (FDC) Limited said, the culprits include: flooding, exchange rate pass through effect (which is at about N743/$ at the parallel Read More
The Nigerian Centre for the Promotion of Private Enterprise (CPPE) has revealed that the Central Bank of Nigeria’s financing of the country’s fiscal deficit is responsible for rising inflation. CEO of CPPE, Dr. Muda Yusuf, in a statement said the CBN financing of fiscal deficit has been elevated to disturbing levels with huge implications for money supply growth and the Read More
The National Bureau of Statistics (NBS), recently, released a mind boggling report to the effect that Nigeria’s inflation rate rose to 19.64 percent in July, the highest since September 2005. This is quite worrisome as it requires the urgent intervention of the nation’s economic managers, including the Central Bank of Nigeria (CBN) and the National Economic Council (NEC), to halt Read More
Hawkish stand by the Nigerian central bank and others, globally, may be a futile exercise as it has a huge potential of reducing output by as much as 3.4 per cent, a monthly publication by Bismarck Rewane’s Financial Derivatives Company (FDC) Limited has said. According to the Chief Operating Officer of FDC, a study conducted said, “while some central banks Read More
The World Bank’s recent report on Nigeria’s beleaguered economy suggests that the Central Bank of Nigeria (CBN) is chasing shadows with its trademark manipulation of monetary policy instruments in the hope of stabilising the naira and curbing spiraling inflation rate. The bank warned that Nigeria’s perfidious multiple exchange rates policy was responsible for the naira’s disorderly retreat in the foreign Read More
The global economy is currently uninspiring as it is still under the siege of inflation – a spike in over 9% globally – which is worsening purchasing power and dampening economic outlook of countries. Although each country is experiencing uncommon inflationary pressure, the phenomenon has both positive and negative effects on economic growth. Inflation is defined as the rate at Read More
Globally, this is not the best of times for any economy, particularly Nigeria. The battle against COVID-19 pandemic had barely settled and economies began to struggle to shake off the impact when Russia invaded Ukraine, disrupting world composure. Since February 2022 the world supply chain has been disrupted and prices of goods and services have risen astronomically. Nigeria’s situation is Read More
As Nigeria’s inflation rate for the month of August hit 20.52 per cent, many are afraid that their purchasing power might just be further eroded; BENJAMIN UMUTEME writes. Since the beginning of 2022, Nigerians have been crying about the steady increase in the prices of goods and services. They felt that with the government revenues dwindling coupled with the unavailability Read More
Inflation rate surged by almost 100 basis points (bps) to 20.52 per cent in August 2022, according to the report of the National Bureau of Statistics (NBS) released on Thursday. The NBS attributed the increase in the annual inflation rate to three factors. Disruption in the supply of food products, increase in import cost due to the persistent currency depreciation Read More
Oil prices fell Tuesday on fears that an inflation-induced weakening of global economies would soften fuel demand, and as Iraqi crude exports have been unaffected by clashes. Brent crude futures for October settlement fell $2.45, or 2.33%, to $102.64 a barrel by 1022 GMT, after climbing 4.1% on Monday, the biggest increase in more than a month. The October contract Read More
The National Bureau of Statistics (NBS), a fortnight ago, released a mind boggling report to the effect that Nigeria’s inflation rate rose to 19.64 percent in July, the highest since September 2005. This is quite worrisome as it requires the urgent intervention of the nation’s economic managers, including the Central Bank of Nigeria (CBN) and the National Economic Council (NEC), Read More
Inflation seems to be the buzzword in Nigeria these days. It comes as no surprise, though, given the near-unprecedented rise in the prices of goods and services in the country in recent times. July 2022’s inflation rate – the highest in the country since 2005 – stood at 19.64%, up from 15.60% in January 2022, according to the National Bureau Read More
The National Bureau of Statistics (NBS), a fortnight ago, released a mind boggling report to the effect that Nigeria’s inflation rate rose to 19.64 percent in July, the highest since September 2005. This is quite worrisome as it requires the urgent intervention of the nation’s economic managers, including the Central Bank of Nigeria (CBN) and the National Economic Council (NEC), Read More
“Americans are fed up practically everywhere they spend money. Gas prices sit near record highs, food costs are surging, and housing is getting more expensive by the month. Lawmakers — particularly Republicans — have lambasted the Federal Reserve for allowing inflation to hit 41-year highs, arguing the central bank should’ve started raising interest rates much earlier” – BUSINESS INSIDER* The Read More
Nigeria’s inflation rate is gradually slipping out of control. For a country with the world’s highest number of people in abject poverty, an inflation rate sailing perilously close to 20 per cent is something of grave concern to everyone, especially as Nigeria has no social security system. Headline inflation rate of 19.6 per cent and food inflation at 22 per Read More
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