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.
Related posts
Reviews
Follow Our Activities On Facebook
44 minutes ago
1 hour ago
1 hour ago
1 hour ago
3 hours ago
SUBSCRIBE
[mc4wp_form id=”2012″]
Top Reads!
#BigBrotherNaija “Level Up” Week 6
Though last Sunday Sunday was meant to be a “no-eviction” day, it came as a shocker when fake housemate, Modella…
Dating in 2022; Situationships Are Not For The Fainthearted
Situationships are defined as that space between a defined relationship and something other than a friendship. It is a romantic…
20 Questions With Dinta Media’s Visual Storyteller, Chimeremogo Nwoke
Dinta Media is not really just a media production brand but we like to see ourselves as a hub for…
How Are Nigeria’s Small Businesses Coping?
The current rising rate of inflation and other burdens against the Nigerian economy speaks to the realities of the times.
Thrifting Is All The Rave Now, Here’s Why
By Amy Adindu The affordable clothing movement has gained global attention and acceptance as we’re all trying to look like…
#BigBrotherNaija “Level Up” Week 2
Week 2 of the highly watched Nigerian TV show kicked off with an early plot twist. On Sunday, Big Brother…
#BlueTunes: Burna Boy, Omah Lay Top Album Picks For July
July was a promising month for music lovers; from Lizzo’s album titled Special and Imagine Dragons’ Mercury, (Acts 1 &…
#BlueTunes Album Picks For June
Gbagada Express – Boj Bolaji Odojukan, popularly known as BOJ, was raised both in England and Nigeria. He shot to…
“A Creative’s Dream” with Jeff Chinonso
On the 26th of June 2022, Jeff Chinonso hosted his first solo art exhibition. The Augmented Reality exhibition themed “A…
Nigerian API-based company Thepeer raises $2.1 million
Tech infrastructure startup Thepeer has raised a $2.1 million seed round according to a report from TechCabal. Thepeer, a Nigerian…
Dika Ofoma, Ugochukwu Onuoha take on grief in Debut Film “The Way Things Happen”
The twenty-minute film focuses on the loss of a loved one, and how grief changes a person.
Nigerian Startups might just be Crippled by a Recently Leaked bill
Over the years there has been talks of amendment on the 2007 Act of the National Information & Technology Agency (NITDA).
Why We Love Kelechi Amadi Obi
The definition of talent is Kelechi Amadi’s iconic story. Imagine a person who studies law in school, gets called to Bar, and leaves it all for something different and unrelated…Painting!