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Nigeria’s Inflation Reaches 21.82% While The Cash Crunch Worsens
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Nigeria’s Inflation Reaches 21.82% While The Cash Crunch Worsens 

Due to the shortage of newly designed Naira notes, Nigerians are currently experiencing uncertainty as a result of this news.

By Omotayo Olutekunbi

According to recent statistics from the National Bureau of Statistics, NBS, a series of economic factors caused Nigeria’s January inflation rate to increase from 21.34 percent in December to 21.82 percent in January.

Looking at the trend, it was said that the inflation rate in January 2023 increased by 0.47 percentage points when compared to the inflation rate in December 2022.
The headline inflation rate was 6.22% points higher than the 15.60% rate seen in January 2022.

Bread and cereal (21.67%), Actual and Imputed Rent (7.74%), Potatoes, Yam, and Tuber (6.06%), Vegetables (5.44%), and Meat (4.78%) are the products that made a class-based contribution to the increase in the headline index.

The graph shows that, on average, the overall price level was 0.15 percent higher than it was in December 2022. It increased by 2.49% from the 16.87% reported in January 2022 to 19.36% for the twelve months ending in January 2023 compared to the average for the prior twelve months.

Due to the shortage of newly designed Naira notes, Nigerians are currently experiencing uncertainty as a result of this news.

The Central Bank of Nigeria’s (CBN) naira swap program has been put on hold by the Supreme Court of Nigeria until Wednesday, February 22, 2023 while it hears the combined lawsuits brought by 10 states against the CBN and the federal government, prolonging the cash crisis.

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